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The largest counties in the country displayed strong home price growth in November, but sales were weak, according ""DataQuick's"":http://www.dataquick.com/ most recent Property Intelligence Report (PIR).
[IMAGE]The company's PIR tracks valuation, REO inventory, and sales trends in the 42 largest counties on a monthly, quarterly, and yearly basis.
Among the findings, DataQuick reported prices grew in 41 of the 42 counties month-over-month in November, and all 42 counties showed quarterly and yearly home price growth.
[COLUMN_BREAK]Adding to the positive trend was the decline in foreclosures for 24 of the 42 counties from October. Quarter-over-quarter, foreclosures fell in 20 of the 42 counties, and compared to last year, foreclosures were down in 29 counties.
Sales were dismal for the most part, with sales increasing in only 13 of the 42 reported counties month-over-month. On a quarterly basis, sales were up in just 7 counties. Over the last year, sales improved in 25 of the 42 counties.
""While there is evidence that a recovery in housing is underway nationally, the strength of the housing market varies across the country,"" said Gordon Crawford, VP of analytics for DataQuick. ""In comparison to prior reports, we see that home price growth and foreclosure performance improved, while sales performance worsened.""
Crawford also warned of factors that could contribute to home price declines. Those factors include the potential fiscal cliff effects, decreases in federal spending, as well as the impact of shadow inventory and negative equity.
""One area of continuing concern is Florida's Gulf Coast housing market,"" Crawford explained. ""While recent home price growth has been positive, the substantial increase in foreclosure rates threatens future home price growth as foreclosed properties hit the market.""
