Trick or treat: The million dollar home challenge

Forget flying candelabras and ghoulish apparitions, home prices are the scariest thing in real estate right now. Values are up over 12 percent annually from a year ago, thanks to limited supply and investor demand. Foreclosures used to frighten potential buyers, concerned that too much distress in the market would keep downward pressure on prices, but the opposite is the case: Hungry investors are fighting for what foreclosures are left and are in turn bidding prices ever higher.

Since investors are largely using all cash, first-time buyers, who have a harder time getting mortgages, have been priced out of the market. Credit continues to be tight and could tighten with new mortgage rules coming down the pike. That may be why so much of the action now is happening on the high end, as the lower end of the housing market falters.

POSTED October 31 2013 11:53 AM

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