There has been talk about a "double dip" in home prices but if this trend continues then the housing price bottom maybe behind us!
CoreLogic reports that their studies have shown that for 4 straight months national year-over-year home prices has increased. This means that in 2010 the same month as compared to 2009 showed a price increase. There study included distressed sales and foreclosures.
Here's how the numbers look; When distressed properties are included May 2010 vs May 2009 showed a 2.9% increase. Aprils numbers showed a 3.4% increase. However when distressed sales are removed from the statistics there was only a 0.9% increase in May and a 0.4% increase in April. I shouldn't say "only" because with the way things have been ANY increase is a good sign! Theses numbers are showing that distressed properties are not as deeply discounted as they have been and that the gap between distressed prices and traditional sale prices are narrowing. As banks become the largest holders of real estate we will see more and more lenders turning to brokers to help sell properties in a more traditional fashion causing this gap to be further reduced.
Locally the data shows that some of the states that were hit the hardest have also had the greatest percentage increase. The TOP 5 are California (+7.9 percent), Virginia (+6.8 percent), Massachusetts (+5.7 percent), Rhode Island (+5.5 percent), and Vermont (+5.1 percent).
CoreLogic also reports that, including distressed transactions, the peak-to-current change in the national home price index HPI (from April 2006 to May 2010) is -28.5 percent. and when excluding distressed properties, the peak-to current differential is -20.2 percent. How long will it take to return to the levels seen in 2006? Only time will tell! I will continue to work to keep you up-to-date!
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