July 8th, 2010 10:38 AM by Christopher Terry
Clear Capital reported that national home prices in June were up 8.8 percent over last June's prices and over a quarterly basis prices were up 5.2 percent bringing home prices back to just 1 percent below last fall's levels.
In the northeast home prices increased 4.1 percent on a quarter-over-quarter basis and were 5.3 percent higher than the same month in 2009.
“Price trends nationwide have a seen a considerable upswing driven in large part by the flurry of recent sales attributed to the tax credit and springtime buying activity,” said Dr. Alex Villacorta, senior statistician for Clear Capital. “This month’s national quarterly gains are certainly a positive sign that many markets have responded to the tax credit incentive, but overall markets remain volatile as evidenced by the six month price change keeping mostly flat.”
Clear Capital also noted that REO (real estate owned, bank owned property) saturation rate had fallen to 24.6 percent, a decline of 3.2 percent from the previous month. However with nearly 25% of the available inventory being REO and the looming shadow REO market recovery is still a long ways off. The "shadow" foreclosure market is simply homes where the homeowner is in foreclosure however the lender has not foreclosured. The homeowner is not making payments, may or may not still be living in the home, but the lender has not taken legal title through a foreclosure action.
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