Home prices are increasing and Latinos might have something to do with this increase. U.S. home prices rose 9.3 percent in February compared with a year ago, the most in nearly seven years. The housing market has been decreasing lately and any news about prices increasing is good news right?
Stan Humphries indicates ” The appreciation rates we’re currently seeing … are not broadly reflective of what’s happening in the national housing market right now.” From 2000 to 2012, the number of Hispanic homeowners grew an astounding 58 percent from 4.2 million in 2000 to about 6.7 million in 2012.
Why are prices surging in the housing market?
Buyers currently have fewer homes to bid on. Higher home prices can encourage buyers to buy before prices rise. We still need to note consumer spending drives 70 percent of economic growth.
Picture by Jim Selde