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Home Prices Spiked 7% in November

The good news for the mortgage industry is continuing to roll in after a new report showed a 7% spike in home prices in November 2017. The report was conducted by CoreLogic which also reported that there was a price increase of 1% between October and November.

“Without a significant surge in new building and affordable housing stock, the relatively high level of growth in home prices of recent years will continue in most markets,” said CoreLogic president and CEO Frank Martell according to Reverse Mortgage Daily.

"Although policymakers are increasingly looking for ways to address the lack of affordable housing, much more needs to be done soon to see a significant improvement over the medium term,” he continued.

The research firm's team of economists are also predicting a 4.2% increase in home prices by the end of November 2018.

To learn more about the steady spikes in home prices, click on the image above.

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