Housing Market in Transition
In today’s MarketPulse newsletter from CoreLogic, the CEO says that this spring’s home buying season offers the brightest prospects for the housing market since 2006. With fewer foreclosed properties and declining shadow inventory comes solid gains in home prices and a reduction in the number of borrowers who are underwater. Our nation’s housing market is in transition as affordability of home ownership remains at very attractive levels.
Home Prices
Home prices increased by 9.7 percent in January 2013 compared to January 202. This represents the biggest increase since April of 2006. The five states with the highest home price appreciation include Arizona (+20.1 percent), Nevada (+17.4 percent), Idaho (+14.9 percent) California (+14.1 percent), and Hawaii (+14 percent).
Foreclosures
Nationally, the inventory of foreclosed home decreased 21 percent from a year ago. This is the largest year-over-year decrease in the last 12 years. Overall, the inventory of foreclosed homes is down 25.7 percent from its peak in January 2011. Since the beginning of the financial crisis in 2008, there have been approximately 4.2 million foreclosures in the United States.
Home Sales
Total home sales decreased 4 percent year-over-year in 2013 – but this combines the 16 percent decrease in new home sales and the 5 percent year-over-year increase in previously owned homes. Distressed sales accounted for 24 percent of all home sales in the United States in January of 2012. States with the highest share of distressed sales include Nevada, Michigan, California, Arizona, Georgia and Florida.
Source: MarketPulse newsletter published by CoreLogic – March 18, 2013.
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