According to Standard & Poor's CoreLogic Case-Shiller, the national home price index is just above the peak set in July 2006. This will come to a relief to many home buyers who have been treading water in their homes since the tragic housing burst. The record low mortgage rates over the last few years and slow, but consistent, job gains have contributed to this market recovery. Many Americans have had no incentive to sell their homes for fearing loss of equity, which has led dwindling numbers of available properties. Unfortunately, the Miami market, despite seeing significant housing price gains over the last few years, is still below the pre-recession peak. However, with the threat of rising mortgage rates, buyers are now chomping at the bit to purchase while rates are still low.
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