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Tag Archives: Home Prices

RE/MAX: New England Housing Prices Increased in 2010

According to a report from RE/MAX of New England, home prices in some New England states increased in 2010 despite recent data by the S&P/Case-Shiller Home Price Indices that shows broad-based declines in home values. Rhode Island, which has the highest unemployment rate in New England at 11.6 percent and the fifth highest in the nation, showed average price increases in homes across the board. Massachusetts and Connecticut also posted notable increases in home prices.

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Bank Foreclosures in Miami-Dade County Priced 47% Below Market

According to RealtyStore, a provider of local foreclosure listings, the median price of bank foreclosures in Miami-Dade County, Florida, are nearly half that of the current market rate. The firm's analysis showed 64 percent of all foreclosures for sale in the county are marketed by banks. The other foreclosures are listed for sale by government entities, including HUD and the GSEs. Bank-owned foreclosures are priced 47 percent less than the median market price. When it comes to government foreclosure pricing, the discounts are even deeper.

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Price Corrections Leave Some Hard-Hit Markets ‘Undervalued’

Home price declines have been sharp and widespread across the country as the gap between supply and demand widens and local markets inherently correct the unsustainable price run-ups that characterized the housing boom. But according to the risk assessment firm Local Market Monitor, there are scores of metro areas where prices have over-corrected to the point that now, housing in these markets is considered ""undervalued."" Merced, California, and Las Vegas, Nevada, top the company's list of the most undervalued housing markets.

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Sellers Drop Asking Prices on Fewer Homes in December: Report

The number of price-reduced homes on the market in December 2010 fell by 7.7 percent from the previous month, according to a report surveying 26 major U.S. markets issued by ZipRealty. Despite the month-to-month decline, the company says the number of homes with a reduced asking price remained high compared to a year earlier, rising 23.4 percent from December 2009. The report also found that in the markets surveyed, the median list price in December was down 3.9 percent from November.

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Beige Book Points to Moderate Growth but Weak Housing Conditions

The Federal Reserve published its latest edition of the popular Beige Book Wednesday. Based on information received from contacts in the field, the central bank says economic activity across the country ""continued to expand moderately"" during the last part of 2010 with steady improvements seen in labor markets. However, the real estate sector, and residential housing in particular, continues to be a significant hurdle for the economic recovery, with local housing markets characterized as ""sluggish.""

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Housing Prices Remain Weak in Baltimore Metro Area

According to RealEstate Business Intelligence (RBI), a source of real estate data, analytics, and business intelligence for real estate professionals in the Mid-Atlantic, the Baltimore housing market continued to look bleak in December. Based on figures from RBI's newly launched pending home sales index, the average price of homes sold in the Baltimore area dropped 6.6 percent, from $283,269 at the end of 2009 to $264,500 by the end of 2010. At the same time, active listing inventory grew by 10 percent.

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CoreLogic Home Price Index Shows Decline for Fourth Straight Month

CoreLogic released its November home price index Tuesday, which shows that home prices in the United States declined for the fourth month in a row. The company reported that national home prices, including distressed sales, fell by 5.07 percent in November 2010 when compared to November 2009. The rate of decline increased significantly in November, and CoreLogic says it's indicative of the uphill battle to achieve a housing recovery.

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Home Prices and Inventory Start Year Down: Altos Research

The first week of January typically marks the seasonal low point for home sales, new listings, and closings, as weather and holiday celebrations keep buyers and sellers from the market, and this year is no different, according to Altos Research. The company says both home prices and inventory are down for the lion's share of the nation's regional markets. The analysts at Altos expect home prices to hit a new trough in 2011, falling another 5 to 10 percent over the next 12 months.

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Report Says Struggling Cities May Not Recover for Years

A report conducted by a professor at the Rockefeller Institute of Government paints a dire picture for the nearing future of struggling neighborhoods and cities. The study analyzes the recession's impact on real estate markets in cities in the midst of a severe economic decline. It includes statistical analysis of trends in U.S. metro areas over the past 40 years, and the conclusion is that it often takes many years for housing supply and demand to become balanced again and for property prices to return to levels seen prior to the negative economic event.

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Clear Capital Reports 4.1% Drop in Home Prices in 2010

Clear Capital has released its home price report for the 2010 calendar year. The company's analysis shows that compared to where prices were at the end of 2009, nationally, residential properties lost 4.1 percent of their value over the last 12 months, with 70 percent of major markets reporting price declines for the year. The company is forecasting home prices nationally to fall by another 3.7 percent by the end of 2011, although the wild spikes experienced in 2010 will likely be replaced with more gradual price trends.

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