Local home prices rise as prices fall nationwide - Cincinnati News, FOX19-WXIX TV

Local home prices rise as prices fall nationwide

CINCINNATI, OH (FOX19) – Standard & Poor is reporting a 1.5 percent drop in home sale prices nationwide in the third quarter. The drop comes after a 4.7 percent increase last quarter but experts say that bump was due to the first time homebuyers tax credit.

Locally realtors say home prices are on the rise. Sibcy Cline in Ft. Mitchell says home prices are up three percent from last year because the demand is finally catching up with the supply.

"The homebuilders are slowing down. In years past we were building so many homes and the market was so fresh that we had an over abundance of supply, well the supply is finally catching up or equalizing itself with the demands," says John Vince of Sibcy Cline in Ft. Mitchell.

While a jump in home prices is a good sign of market stability, mortgage brokers say getting a loan to buy a home can still be difficult.

"It's going to be a long tedious process. I may ask for some extra documentation that you haven't heard of before. I'm just asking you to work with me and bear with the process because this is the way it is today," says Mike Behrens, president of Homestar Financial in Blue Ash.

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