All the Real Estate News That’s Fit to RE-Print™
Welcome to our weekly edition of Real Estate Investing News This Week. This week’s real estate news is short but sweet:
- Home prices are up 10.2 percent, rising to their highest level in almost 5 years.
- Foreclosure activity is down 28 percent from a year ago.
- Zillow’s Home Value Index is up 2.4 percent quarter-over-quarter and 5.8 percent year-over-year.
We hope these real estate news items help you stay up-to-date with your real estate investing strategies and inspire some profitable real estate deals for you.
Key findings include:
- Home prices were up in more than three-quarters of metropolitan areas in Q1 2013 compared to the prior year
- A 10.2 percent increase marks the first double-digit gain since the peak of the housing bubble seven years ago
- Price appreciation is projected to slow to 5.6 percent between the first quarter of 2014 and the comparable quarter of 2015 as inventories of new and existing homes increase
Download the Case-Shiller Index here: CoreLogic Case-Shiller Indexes
Home Prices Continue to Increase in May 2013
“Data through May 2013 showed increases of 2.5% and 2.4% for the 10- and 20-City Composites in May versus April.
Dallas and Denver reached record levels surpassing their pre-financial crisis peaks set in June 2007 and August 2006. This is the first time any city has made a new all-time high.”
Case-Shiller Indices Near Five-Year High
“Home prices rose to their highest levels in almost five years in May, increasing by a non-seasonally adjusted 2.5 percent, according to the Case-Shiller Home Price Indices released Tuesday.”
—Foreclosure inventory down 28 percent nationally from a year ago—
According to CoreLogic, there were 55,000 completed foreclosures in the U.S. in June 2013, down from 68,000 in June 2012, a year-over-year decrease of 20 percent. On a month-over-month basis, completed foreclosures increased 2.5 percent from the 53,000* reported in May. Highlights as of June 2013:
- The five states with the highest number of completed foreclosures for the 12 months ending in June 2013 were: Florida (107,000), California (72,000), Michigan (63,000), Texas (48,000) and Georgia (44,000). These five states account for almost half of all completed foreclosures nationally.
- The five states with the lowest number of completed foreclosures for the 12 months ending in June 2013 were: District of Columbia (106), Hawaii (397), North Dakota (481), West Virginia (534) and Maine (692).
- The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (8.6 percent), New Jersey (6.0 percent), New York (4.8 percent), Connecticut (4.2 percent) and Maine (4.1 percent).
- The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.5 percent), Alaska (0.6 percent), North Dakota (0.7 percent), Nebraska (0.7 percent) and Colorado (0.8 percent).
Download the National Foreclosure Report here: CoreLogic Foreclosure Report June 2013
By Tory Barringer: After a somewhat slow first quarter, the national housing recovery took the pace up a few notches in Q2, Zillow reported. According to the company’s second-quarter Real Estate Market Reports, the U.S. Zillow Home Value Index (HVI) rose to $161,100 as of the end of June—up 2.4 percent quarter-over-quarter and 5.8 percent year-over-year.
The second quarter’s increase was the largest annual gain since August 2006 and the largest quarterly gain since the fourth quarter of 2005—as well as the second-largest quarterly gain since 2004. National home values rose only 0.25 percent during the first quarter.”