Thursday, August 06, 2009

Housing Prices Rise 5% in 2nd Quarter

From All regions saw quarterly gains as of July, with the Midwest soaring 11.2%, the South rising 5.3%, the Northeast posting a 2.4% increase and the West gaining 1.1%, according to Clear Capital.

“As with any housing recovery,” he added, “small pockets of neighborhoods and specific price tiers are leading the way and posting gains."

More than half of the highest performing local markets doubled their quarterly gains from last month’s report. Clear Capital said the gains reflect improving market demand, allowing banks to receive a higher sales price for REO properties(foreclosures) which represent up to 60% of all sales in some regions.

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