Home Prices Rise 5%; All Regions See Quarterly Gains

Posted by Orb Staff on August 06, 2009 No Comments
Categories : Residential Mortgage

al quarter-over-quarter home-price gains improved to 5%, according to Clear Capital's most recent [link=http://www.clearcapital.com/company/MarketReport.cfm?month=August&year=2009][u]Home Data Index[/u][/link] market report that covers June 26 through July 25. All four U.S. regions posted gains, with the Midwest leading the way, with an 11.2% gain. Prices gained 5.3% in the South, 2.4% in the Northeast and 1.1% in the West. Still, continued high real estate owned (REO) saturation levels continue to add to market volatility, the company says. "While we see yet more improvements in the quarterly price trends, REO activity remains very high," says Kevin Marshall, president of Clear Capital. "The summer season, combined with increased opportunity for investors and home buyers, helped the most severely impacted markets ease the home-price slides experienced this past winter." While there was some improvement in the REO saturation rates, many of the top-performing markets continue to stay at rates close to, or higher than, the national average of 33.1%. This reflects the continued impact of foreclosures and indicates that the large quarterly gains are driven by positive price changes in REO properties, Clear Capital says. SOURCE: [link=http://www.clearcapital.com]Clear Capital

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