Though areas like Las Vegas and Cincinnati continue to be afflicted by mounting foreclosures, there is good news in Dallas. The Dallas housing market looks to on the rebound. According to Standard & Poor's/Case-Schiller report released Tuesday, prices in Dallas actually rose by 3 percent in December.
The Home Price Index indicates that Dallas’ housing market remains strong. December marked the second month in a row of rising home prices. In November, the Dallas house prices rose by 1.4 percent.
The Case-Schiller report measures the residential housing market across the United States. Results found that government aid such as the Home Affordability Modification Program, and numerous tax credits for the first time home buyer have helped increase overall housing prices including those in Dallas.
The Dallas housing market has remained relatively unaffected by the housing slump compared to other major cities. Dallas is one of only six cities (20 cities were tallied in total) who could boast rising house prices. San Francisco beat out Dallas with a 4.8 percent increase in home prices.
The continued strength of the Dallas real estate market will depend on continued job growth in the coming months. Job growth in Dallas has been modest since the start of the recession.
The massive amount of federal stimulus has made it unclear of what is to come once the Fed undertakes its planned ‘exit strategy’. Interest rates are certain to rise along with mortgage rates, and treasury yields. The real estate market is not yet in the clear, however. Experts estimate that commercial real estate will be the next to go. The consequences of this could affect all aspects of the economy.
Written by Lani Shadduck
HULIQ.com
Source:dallasnews.com
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