Comparing the latest real estate news from CoreLogic about home prices to Upstate South Carolina and much more!
Last week, CoreLogic released their March Home Price Index report and they said that US home prices, including distressed sales, fell on a year-over-year basis by 0.6% in March 2012 compared to March 2011. On a month-over-month basis, home prices, including distressed sales, increased by 0.6% in March 2012 compared to February 2012. This is the first month-over-month increase since July 2011.
Distressed sales are foreclosures and short sales. When CoreLogic excludes distressed sales, US home prices increased for the 3rd month in a row! CoreLogic also said that year-over-year prices, excluding distressed sales, rose by 0.9% in March 2012 compared to March 2011.
If we look at home prices in Upstate South Carolina for March 2012, we see that the median home price is 11.3% higher than back in March 2011. Good news for anyone selling and something that buyers need to consider if they are thinking home prices are still falling…
CoreLogic also released their MarketPulse report for May 2012 last week. The highlights:
- The US housing market is seeing more stability in sales & home prices
- The number of new foreclosures is declining with an improving economy
- Mortgage performance is improved since the serious delinquency rate in March fell to 7.0%
- This is the lowest serious delinquency rate since July 2009
- Home sales are up more than 20% from a year ago
Listen, I am by no means saying everyone should rush out and buy a home tomorrow. But now is the ideal time for those that are ready, willing and able to take advantage of the opportunity available for home buyers today!
More Real Estate News & Links
I have said it many many time but consumer confidence is important for a healthy real estate market: Confidence improved from last fall, but not yet into positive territory
The number of homes listed for sale in the US is down 21% from a year ago, according to Pro Teck Valuation Services’ May 2012 Home Value Forecast. Inventory in Upstate South Carolina was down 5.8% if we compare April 2012 to April 2011.
Well since you say the recovery has officially begun, then it must be true: Housing Market Recovery Has Officially Begun Give me a break! The only way to say for sure when the recovery started is long after it has already happened.
After the last post, it only seems appropriate to share this: Is Now the Time to Buy Your First House?
Standard & Poor’s is saying it will take 46 months to clear out all the shadow inventory. That’s right…almost 4 years!