Report: Houston home prices to slip

Home prices in Houston may slip this year before rising again.While prices in the Houston real estate market have remained relatively level, a report from Fiserv (http://investors NULL.fiserv NULL.com/releasedetail NULL.cfm?ReleaseID=546740) says that the median home price will slide slightly in the early part of this year.

According to an analysis of data from the Federal Housing Finance Agency, the firm says that the local median home price will drop 0.5 percent from the third quarter of last year through the third quarter of this year. However, in the year following that, prices should rebound and gain 1.4 percent.

On a national level, the firm says that home prices should stabilize in 75 percent of cities by the end of this year, and everywhere by the end of 2012.

However, the report added that despite affordable homebuying conditions across much of the country, tight lending standards from banks would dilute some of that impact.

Buyers will need a decent credit score just to be approved for a loan. According to a report last year from Zillow.com, borrowers with credit scores below 620 were unlikely to be approved for a loan, even if they had a larger down payment.

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