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Home Price Declines Accelerate in the Latest Quarter
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Home Price Declines Accelerate in the Latest Quarter
The Easy Way to Shop For a Mortgage Loan
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Receive Multiple Offers. Save Money.
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Receive Multiple Offers. Save Money.
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Home Price Declines Accelerate in the Latest Quarter
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February 16, 2012 (Jeff Alan)

The decline in home prices picked up steam again in the current rolling quarter ending in January, declining 1.6 percent after declining by a modest 0.4 percent the previous month according to Clear Capital’s Home Data Index (HDI).

Prices at the end of January were 2.6 percent lower than they were at the end of January last year, a jump up from the 2.1 percent year-over-year price decline posted at the end of December. It was the 17th consecutive month that annual home prices have declined.

The bulk of the decline originated out of the Midwest region where prices declined 4.0 percent in the latest quarter while the rest of the regions saw declines of less than one percent. Forty percent of the worst performing markets came from the Midwest region.

Home prices in the West and in the South regions declined 0.9 percent, while the Northeast posted the smallest decline of 0.7 percent.

Three of the four regions posted year-over-year declines with the Midwest also suffering the largest decline (-5.2%), followed by the West (-3.5%), and the South (-1.8%), with the Northeast (0.1%) being the only region to post an increase.

Dr. Alex Villacorta, Director of Research and Analytics at Clear Capital said, “Looking at the latest data through January, home prices remained relatively unchanged with the exception of the Midwest. Although prices at the national level continue to slide due to pressure from the Midwest, the lower priced segments of several specific markets are bucking the trend and seeing appreciation, suggesting that recoveries could be occurring from the bottom up.

The top performing markets over the latest quarter were Birmingham (+4.3%), Phoenix (+3.2%), Washington D.C. (+2.1%), Denver (+1.9%), and Orlando (+1.8%).

Only 10 markets showed gains of over one percent and only three markets had price increases of over two percent. Phoenix, along with Las Vegas, which had long been the poster child of the housing crisis has actually seen prices rise 4.5 percent year-over-year.

The worst performing markets over the latest quarter were Detroit (-15.5%), Milwaukee (-7.7%), Atlanta (-7.2%), Memphis (-6.8%), and Philadelphia (-4.7%). Home prices in Detroit have declined 77 percent since their market peak.

Thirteen of the top 15 worst performing markets had quarterly losses exceeding three percent with an average REO saturation of 28.5 percent, 12 percent higher than the national REO saturation rate.

REO sales as a percentage of total home sales increased from 24.8 percent at the end of December to 25.4 percent at the end of January.

“When we look at the strength in the bottom tier of prices, the volatility within the metro markets, the rapid changes in direction with certain regions, and relative stability in others, these factors underscore the economic and market fragility that remains a dark cloud over housing prices,” added Villacorta.

Tags: Clear Capital, housing prices, price declines, REO, saturation rate, consumer demand, metropolitan areas

Source:
Clear Capital

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February 16, 2012 (Jeff Alan)

The decline in home prices picked up steam again in the current rolling quarter ending in January, declining 1.6 percent after declining by a modest 0.4 percent the previous month according to Clear Capital’s Home Data Index (HDI).

Prices at the end of January were 2.6 percent lower than they were at the end of January last year, a jump up from the 2.1 percent year-over-year price decline posted at the end of December. It was the 17th consecutive month that annual home prices have declined.

The bulk of the decline originated out of the Midwest region where prices declined 4.0 percent in the latest quarter while the rest of the regions saw declines of less than one percent. Forty percent of the worst performing markets came from the Midwest region.

Home prices in the West and in the South regions declined 0.9 percent, while the Northeast posted the smallest decline of 0.7 percent.

Three of the four regions posted year-over-year declines with the Midwest also suffering the largest decline (-5.2%), followed by the West (-3.5%), and the South (-1.8%), with the Northeast (0.1%) being the only region to post an increase.

Dr. Alex Villacorta, Director of Research and Analytics at Clear Capital said, “Looking at the latest data through January, home prices remained relatively unchanged with the exception of the Midwest. Although prices at the national level continue to slide due to pressure from the Midwest, the lower priced segments of several specific markets are bucking the trend and seeing appreciation, suggesting that recoveries could be occurring from the bottom up.

The top performing markets over the latest quarter were Birmingham (+4.3%), Phoenix (+3.2%), Washington D.C. (+2.1%), Denver (+1.9%), and Orlando (+1.8%).

Only 10 markets showed gains of over one percent and only three markets had price increases of over two percent. Phoenix, along with Las Vegas, which had long been the poster child of the housing crisis has actually seen prices rise 4.5 percent year-over-year.

The worst performing markets over the latest quarter were Detroit (-15.5%), Milwaukee (-7.7%), Atlanta (-7.2%), Memphis (-6.8%), and Philadelphia (-4.7%). Home prices in Detroit have declined 77 percent since their market peak.

Thirteen of the top 15 worst performing markets had quarterly losses exceeding three percent with an average REO saturation of 28.5 percent, 12 percent higher than the national REO saturation rate.

REO sales as a percentage of total home sales increased from 24.8 percent at the end of December to 25.4 percent at the end of January.

“When we look at the strength in the bottom tier of prices, the volatility within the metro markets, the rapid changes in direction with certain regions, and relative stability in others, these factors underscore the economic and market fragility that remains a dark cloud over housing prices,” added Villacorta.

Tags: Clear Capital, housing prices, price declines, REO, saturation rate, consumer demand, metropolitan areas

Source:
Clear Capital

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
LOANRATEUPDATE
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Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at LoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

February 16, 2012 (Jeff Alan)

The decline in home prices picked up steam again in the current rolling quarter ending in January, declining 1.6 percent after declining by a modest 0.4 percent the previous month according to Clear Capital’s Home Data Index (HDI).

Prices at the end of January were 2.6 percent lower than they were at the end of January last year, a jump up from the 2.1 percent year-over-year price decline posted at the end of December. It was the 17th consecutive month that annual home prices have declined.

The bulk of the decline originated out of the Midwest region where prices declined 4.0 percent in the latest quarter while the rest of the regions saw declines of less than one percent. Forty percent of the worst performing markets came from the Midwest region.

Home prices in the West and in the South regions declined 0.9 percent, while the Northeast posted the smallest decline of 0.7 percent.

Three of the four regions posted year-over-year declines with the Midwest also suffering the largest decline (-5.2%), followed by the West (-3.5%), and the South (-1.8%), with the Northeast (0.1%) being the only region to post an increase.

Dr. Alex Villacorta, Director of Research and Analytics at Clear Capital said, “Looking at the latest data through January, home prices remained relatively unchanged with the exception of the Midwest. Although prices at the national level continue to slide due to pressure from the Midwest, the lower priced segments of several specific markets are bucking the trend and seeing appreciation, suggesting that recoveries could be occurring from the bottom up.

The top performing markets over the latest quarter were Birmingham (+4.3%), Phoenix (+3.2%), Washington D.C. (+2.1%), Denver (+1.9%), and Orlando (+1.8%).

Only 10 markets showed gains of over one percent and only three markets had price increases of over two percent. Phoenix, along with Las Vegas, which had long been the poster child of the housing crisis has actually seen prices rise 4.5 percent year-over-year.

The worst performing markets over the latest quarter were Detroit (-15.5%), Milwaukee (-7.7%), Atlanta (-7.2%), Memphis (-6.8%), and Philadelphia (-4.7%). Home prices in Detroit have declined 77 percent since their market peak.

Thirteen of the top 15 worst performing markets had quarterly losses exceeding three percent with an average REO saturation of 28.5 percent, 12 percent higher than the national REO saturation rate.

REO sales as a percentage of total home sales increased from 24.8 percent at the end of December to 25.4 percent at the end of January.

“When we look at the strength in the bottom tier of prices, the volatility within the metro markets, the rapid changes in direction with certain regions, and relative stability in others, these factors underscore the economic and market fragility that remains a dark cloud over housing prices,” added Villacorta.

Tags: Clear Capital, housing prices, price declines, REO, saturation rate, consumer demand, metropolitan areas

Source:
Clear Capital

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
LOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.