text: Sponsored by Credible, which is majority owned by our parent, Fox Corporation. Credible is solely responsible for its services.
  Facebook
  Twitter
  Print
  Email
  article
  Home prices are rising at record rates of increase in August. And with interest rates at record lows, there are several ways for homeowners to take advantage of their newfound equity. (iStock)
  Home prices surged to yet another record high in August, rising 18.1% annually, according to the latest report from CoreLogic. This was the largest annual gain in the history of the report and represented a home-price increase of 1.3% from July.
  "Home prices continue to escalate at a torrid pace as a broad spectrum of buyers drive demand for a limited supply of homes," CoreLogic President and CEO Frank Martell said. "We expect to see the trend of strong price gains continue indefinitely with large amounts of capital chasing too few assets."
  Home prices saw the largest boost in the Pacific Northwest, specifically in metros such as Bend, Oregon, which saw an annual average home price increase of 37.2%, and Twin Falls, Idaho, which saw an increase of 35.8%, the report said.
  Homeowners can take advantage of rising home prices by taking out a cash-out refinance on the newfound equity in their homes. Visit Credible to find your personalized rate for a cash-out refinance on your home.
  SENATE PASSES TEMPORARY DEBT CEILING EXTENSION - WHAT THE NEW DECEMBER DEADLINE MEANS FOR MORTGAGE RATES
  Home prices continue rising
  Rising home prices are due to affordability challenges and low housing inventory, as more investors and homebuyers enter the market amid record-low interest rates brought on by the pandemic, according to the CoreLogic Home Price Index (HPI) and HPI Forecast. After COVID-19 and stay-at-home orders shut down the economy, the Federal Reserve cut rates, spurring a boom in home sales in the U.S.
  The increasing home prices are also evident when looking at the population that makes up today’s homebuyers. In a recent CoreLogic consumer survey, 59% of homebuyers said they have a household income of at least six figures, compared to 10% of homebuyers who reported earning less than $50,000 per year.
  Going forward, economists predict home prices will continue to increase, but the level of price gains will go down. Home price growth is expected to slow to 2.2% annually by August 2022, as the shortage of homes improves and the real estate market slows, according to CoreLogic’s forecast.
  Homeowners can tap into their rising equity levels by taking out a cash-out refinance amid today’s low mortgage rates. Visit Credible to compare multiple lenders at once and save money by choosing the mortgage lender with the best interest rate for you.
  HOMEOWNER EQUITY GROWS TO NEARLY $3T IN Q2, AVERAGING $50K ANNUAL GAIN PER HOMEOWNER: REPORT
  How homeowners can take advantage of rising home values
  As home prices rise across the U.S., there are several ways homeowners can take advantage of their higher home values. Here are a few:
  Sell the home
  As the demand for homes continues to increase, homeowners could make a high profit by selling their home now. However, the drawback to selling is that homeowners would then face a competitive housing market as they move from being sellers to homebuyers.
  Take out a cash-out refinance
  Another option to tap into your home's equity is through a cash-out refinance. Homeowners who refinance now could pull money out of their homes to use for home improvement projects or even to consolidate high-interest debt. And with today’s low interest rates, they could even lower their monthly mortgage payments. Visit Credible to compare your options and get the best rate for you.
  Invest in housing
  For homeowners who are not looking to sell soon, now is a good time to invest in their home to improve its value even further. Those who make home improvements or pay extra money toward their principal mortgage balance will see even higher equity gains in their home which will be beneficial when they are ready to sell or refinance.
  If you want to pull cash out of your home or lower your monthly payments by refinancing, contact Credible to speak to a home loan expert and get all of your questions answered.
  Advertisement
  Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.
  Latest News
  View More
  Hastings community shows support for transgender child outed in toxic school board race
  Deadly shooting in Minneapolis marks the city's 90th homicide
  St. Paul school board votes to close 6 schools
  Warm December in Minnesota causes calendar confusion
  Plans set for new Minnesota Military Museum at Camp Ripley
  Kim Potter trial: 9 jurors seated after 2nd day of jury selection
  Trending
  Man found dead in air duct work of home in Otter Tail County
  Driver forces car through crowd during Minneapolis protest on Kim Potter trial
  Minnesota's medical cannabis program to add edibles as new option
  Man hurt in Forest Lake police shooting dies from injuries
  Plans set for new Minnesota Military Museum at Camp Ripley
  Coronavirus Updates
  COVID-19 Vaccines
  Coronavirus in Minnesota
  Coronavirus in Wisconsin
  Positivity During The Pandemic
  On the Front Lines
  News
  Local News
  National News
  World News
  Investigators
  Politics
  Consumer
  Weather
  FOX 9 Weather App
  Forecast
  School Closings
  Traffic
  Sports
  Vikings
  Gophers
  Twins
  Wild
  Timberwolves
  Lynx
  United
  Morning
  Shayne Wells
  Garden Guy
  Recipes
  Money
  Personal Finance
  COVID-19 & The Economy
  Business
  Stock Market
  Small Business
  Savings
  Shows
  FOX Shows
  The Jason Show
  Enough Said
  Vikings Gameday Live
  Vikings Live
  The PJ Fleck Show
  FOX 9 Sports Now
  Regional News
  Milwaukee News - FOX 6 News
  Chicago News - FOX 32 Chicago
  Detroit News - FOX 2 Detroit
  About Us
  Contact Us
  Contests
  Personalities
  Jobs at FOX 9
  What's On FOX
  Advertise
  FCC Public File
  FCC Applications
  facebook
  twitter
  email
  Updated Privacy Policy
  Terms of Service
  Do Not Sell my Personal Information
  FCC Public File
  EEO Public File
  Jobs at FOX 9
  Contact Us
  This material may not be published, broadcast, rewritten, or redistributed. ©2021 FOX Television Stations