State of the Housing Market at the end of 2014

Home prices have slowed down in 2014 but U.S. homeowners gained a collective $1.7 trillion in additional home equity according to Zillow, a real estate company. Also, the report states that seven million borrows have got out of negative equity either through foreclosure, short sale, paying down debt or home price appreciation. However, nearly 9 million homes are still underwater according to Zillow.

State-wise, Texas is seeing huge gains in home price appreciation with Austin and Houston and San Antonio ranking amongst the top 5 nationally in overvalued markets. One of the main reason for the growth in prices is the considerable job growth the state has seen has raised the demand for housing in Texas. Another reason follow nation-wide trend in which the rapid fall of gas prices has given consumers essentially a pay-raise.

Locally, due to Killeen, Harker Heights and Copperas Cove being tied to the largest military installation in the US with Ft. Hood, the demand is constant for housing with the credit and mortgage interest rates guiding whether home-seekers are renters or buyers.

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