Existing-home prices have jumped 6.5 percent from a year ago to a record high of $263,800 in June according to the National Association of REALTORS. This is the 64th consecutive month of year-over-year price increases. The escalating prices are causing some to fear a price correction could be on the horizon.
However, new research from JPMorgan finds that the risk of a dramatic decline in U.S. home prices is very low. The study puts the odds of a major decline in real prices at just 10 percent in the United States.
