Housing recovery momentum continues to build

Souce: Housingwire
By Megan Hopkins

Momentum continued to grow in a snowball effect manner, with prices rising to a two-year high in December, according to the latest FNC report. Battling a deceleration in economic growth, the housing recovery maintained a steady pace, shooting FNC’s residential price index up 5.4% year to date. The recovery of the underlying property values is strongly influenced by a stabilizing foreclosure market. While many markets that were hardest hit still face challenges, there are signs that foreclosure prices have bottomed out. As a percentage of total home sales, foreclosures were 17.8% in December, down from 24.0% a year ago. The FNC 100-MSA, which is based on recorded sales of non-distressed properties in the 100 largest metropolitan areas, revealed that December home prices remained relatively unchanged from the month before, but still rose 4.9% on a year-over-year basis. The 30-MSA and 10-MSA composite indices paralleled the 100-MSA momentum, relatively unchanged from November and up 5.8% from December 2011. Momentum continued to grow in a snowball effect manner, with prices rising to a two-year high in December, according to the latest FNC report. Battling a deceleration in economic growth, the housing recovery maintained a steady pace, shooting FNC’s residential price index up 5.4% year to date. The recovery of the underlying property values is strongly influenced by a stabilizing foreclosure market. While many markets that were hardest hit still face challenges, there are signs that foreclosure prices have bottomed out. As a percentage of total home sales, foreclosures were 17.8% in December, down from 24.0% a year ago. The FNC 100-MSA, which is based on recorded sales of non-distressed properties in the 100 largest metropolitan areas, revealed that December home prices remained relatively unchanged from the month before, but still rose 4.9% on a year-over-year basis. The 30-MSA and 10-MSA composite indices paralleled the 100-MSA momentum, relatively unchanged from November and up 5.8% from December 2011.

URL to original article: http://www.housingwire.com/news/2013/02/15/housing-recovery-momentum-continues-build

For further information on Fresno Real Estate check: http://www.londonproperties.com