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September home price gains positive for real estate's future

11.27.2012

In the wake of the real estate bubble burst, millions of homeowners owed more on their mortgages than their properties were worth.

As property values continued to build momentum in September, a great number of current owners could choose to list their homes on the market to turn a profit on their investments.

During the month, both the 10- and 20-City Composites appreciated 0.3 percent from August, according to the latest Standard & Poor's/Case-Shiller Home Price Index. Meanwhile, in the third quarter, prices increased 3.6 percent on an annual basis.

"Home prices rose in the third quarter, marking the sixth consecutive month of increasing prices," said index committee chairman David Blitzer.

On a local basis, Phoenix - one of the hardest-hit areas following the housing market collapse - experienced the highest home price appreciation rate of 20.4 percent, the report said. In contrast, property values in Chicago and New York City declined 1.5 and 2.3 percent, respectively.

In the wake of the real estate bubble burst, millions of homeowners owed more on their mortgages than their properties were worth. This left them with limited options when to came to selling their homes or refinancing their mortgages into more favorable terms. However, rising home prices have slowly pulled a number of borrowers out from under the thumb of negative equity, which could yield additional mortgage and real estate activity in the near future.

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