Housing Values Stabilizing in Some Areas
The newly released Home Data Index from Clear Capital Research shows small local areas of price stabilization are appearing even within largely troubled markets such as Cleveland.
According to Clear Capital president Kevin Marshall, these data are fueling expectations that there will be more neighborhood-by-neighborhood-based pricing recovery that will increase investor interest in areas across the country.
For example: an area in Cleveland in the index has "returned the first quarter-over-quarter gain since its downturn began in mid-2005, signaling some very specific investment activity," Mr. Marshall said. Another example is Sacramento an area hit incredibly hard, where several of its MSAs are now outperforming not just that region but the national trend as well.
In addition, Clear Capital said that although price declines continue across the country, they appear to be slowing down — especially in the Midwest and South. Clear Capital's index report includes a national and regional overview and ranking of the country's 15 highest and lowest performing metropolitan statistical areas. Highlights include quarter-over-quarter price gains of 8.9% in Birmingham, Ala., and 6.7% in Cleveland. The biggest losses were seen in Phoenix, Ariz., (17%) and Las Vegas, Nev. (15.5%).
