Housing Market Roars to Life

Home values are surging with prices clocking their biggest increase in seven years.
1:24 | 07/31/13

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Transcript for Housing Market Roars to Life
Good news for homeowners, values are surging. Home prices, clocking their biggest increase in seven years and setting records in markets that were struggling before. Abc's chief economics correspondent, rebecca jarvis. Reporter: It's the markets where we saw the biggest declines. In housing. When the housing market went bust, we're seeing it go boom today. Miami, phoenix, los angeles. San francisco's market up 24.5% since last year. Chicago and detroit and atlanta. Many of the cities, the same places we had bubbles before. Is that a concern? Reporter: It is a concern because people look at a lot of the things that are going on in these cities as similar to what we saw during the peak years. What's different this time, though, are the lending standards. You can't get a loan inhis country without a job, without credit. And that's a big difference. And that's something that many people say underlies this housing market and makes it better this time around. It's a seller's market right now. If you want to buy, how do you get the house you want without overpaying? Know the price before you go. What are you willing to pay? Don't fall in love with something and pay a higher price. Second of all, get prequalified for a loan. If you were prequalified six months ago, you need to do it again now. And lastly, be the backup buyer. Be willing to be the person that's number two. Great advice. I never heard that about being the backup buyer. Reporter: It's okay to be number two. Thanks, rebecca. Have you seen this brazen

This transcript has been automatically generated and may not be 100% accurate.

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