Vero Beach home prices are hitting highs not seen in years, thanks mostly due to low inventory.
Still, as many borrowers struggle with unwieldy mortgage payments, and certain areas are still deluged by foreclosures, news of record high prices are causing some concern. Looking forward, economists expect home-price growth to slow down.
CoreLogic’s deputy chief economist Sam Khater said in a statement, "We are at or slightly above where we should be from an equilibrium stand point and what had been driving prices up rapidly is just the price correction because home prices fell too far."
On the one hand, home buyers are fearful they won't be able to find a home. On the other hand, home sellers are ecstatic as Vero Beach home prices soar. Diane Olick has more on this dilemma…
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