October 7, 2013
Market: Albuquerque, NM
According to CoreLogic, August single-family home prices for metro Albuquerque increased at a modest annual rate of 3.6%. Higher mortgage rates and the conclusion of the yearly summer “buying season” resulted in slightly lower annual gains in August compared to June and July.
National single-family home price growth was even more encouraging, with prices increasing 12.4% from August 2012. Every single state, and 99 of the 100 largest cities, saw year-over-year price growth.
Read more at Albuquerque Business Journal.
September 23, 2013
Market: Phoenix, AZ
According to separate reports from Arizona State University and CoreLogic, single-family home prices in Phoenix are on the rise and foreclosures are declining. The median home prices jumped 30% year-over-year in July to $194,150. Foreclosures fell 56% during the same time span.
However, negative equity continues to plague the MSA. In Q2 2013, 231,000 homeowners found themselves underwater on their houses. That figure represents 26% of the state’s mortgage owners, nearly double the national rate of 14.5%.
Read more at Phoenix Business Journal.
August 6, 2013
Market: Oregon, US
CoreLogic reports that Oregon single-family home prices rose 14.2% year-over-year in June, the sixth-best statewide increase in the country. Oregon trails only Nevada, California, Wyoming, Arizona, and Georgia in year-over-year home price increases. Portland home prices appreciated 14.6% year-over-year.
Nationally, the home price index rose 11.9%, making June the 16th consecutive month with a year-over-year increase. CoreLogic’s chief economist Mark Fleming explains: “This trend in home price gains is moving at the fastest pace since 1977.”
Read the full article at Portland Business Journal.
August 6, 2013
Market: Nevada, U.S.
CoreLogic reports that rising demand and scarce supply have driven up single-family home prices 11.9% nationwide year-over-year, with Nevada spearheading the recovery. Nevada and California lead the way with home price jumps of 26.5% and 21.4%, respectively. No other state saw price gains greater than 17%. Although home prices remain 19% below peak levels in 2006, all but two states had yearly increases.
Moreover, the National Association of Realtors reported in June that sales of existing homes are approaching a 3.5-year high, rising 15.2% year-over-year to 5.08 million.
Read the full article at Las Vegas Review-Journal.
July 30, 2013
Market: Phoenix, AZ; U.S.
According to CoreLogic, Phoenix’s single-family home foreclosure inventory dropped to 1% in June—a 1.5% decrease year-over-year. The MSA’s 20,646 completed foreclosures from June 2012 to June 2013 accounted for 64% of the state’s foreclosure activity.
Nationwide, 55,000 foreclosures—a 20% year-over-year decrease—were completed in the month of June, reducing inventory by 28% to 1,000,000. During the year ending June 2013, over half of the foreclosures in the U.S. took place in five states: Florida (107,000), California (72,000), Michigan (63,000), Texas (48,000), and Georgia (44,000). As the real estate industry continues to rebound on a national level, it is likely these states will follow suit.
Read the full article at Phoenix Business Journal.