Home Prices Up, Fewer Foreclosures for Sale

By:: Kirk Haverkamp | June 03, 2010

U.S. home prices are up 6.8 percent from one year ago, while the share of foreclosed properties on the market has dropped significantly, according to figures released today by real estate valuation company Clear Capital.

The share of foreclosed properties on the market dropped by fully one-third, to 27.8 percent of all homes for sale, down from 41.7 percent at this time last year, the company reported.

The annual increase in sales prices reported for May marked an improvement over the March and April figures each of which showed annual improvements of 5.1 percent. At the same time, quarterly prices at the end of May showed a 1.8 percent decline from the previous quarter, although that also was an improvement from the 5.0 percent decline marked by the quarter ending in April.

Clear Channel uses a “rolling quarters” method where quarterly data is updated every month and compared to the previous quarter to produce month-to-month and annual comparisons, which helps smooth out some of the variability that occurs in straight month-to-month reports.

The 27.8 percent saturation level for foreclosed properties represents a 1.8 percent improvement from April’s quarterly figures.

"We continue to see sustained price growth throughout much of the country with yearly price gains reflecting the housing recovery off of last year's lows," said Alex Villacorta, Clear Capital’s senior statistician. "The expiration of the tax credit at the end of April has certainly contributed to the growth of prices we are observing and as more sales close before the June 30 deadline we expect that markets across the country will continue to see strengthening of prices."

Nationally, the price picture remained volatile, as exemplified by Midwest region, which posted both the largest annual price gains and quarterly price declines simultaneous. For the quarter ending in May, prices in the Midwest were up 12.8 percent from one year earlier, but down 4.8 percent from the previous quarter, suggesting the picture there is still unsettled.

Other regions posted more modest changes. Prices in the Western region showed a 0.3 percent increase for the quarter and 7.1 percent for the year, while the Northeast showed a 4.1 percent annual gain but 1.6 percent decline over the last quarter while the South posted a 4.5 percent annual gain with a 1.2 percent decline over the last quarter.

Call For Rates

800-419-1494

Speak to a lender now.

We will match calls to our toll free number with our network of lenders.

See Today's Rates

National Rates

Loan Type	Today	+/-
30 yr fixed	3.72
15 yr fixed	3.03
5/1 ARM	2.75

Rates may contain points

Compare Rates »

Browse Mortgage Rates

Featured Guides

Browse our comprehensive guides to popular topics related to mortgage and personal finance.

Real Estate Calculators

Mortgage Loan Directory and Information, LLC or Mortgageloan.com does not offer loans or mortgages. Mortgageloan.com is not a lender or a mortgage broker. Mortgageloan.com is a website that provides information about mortgages and loans and does not offer loans or mortgages directly or indirectly through representatives or agents. We do not engage in direct marketing by phone or email towards consumers. Contact our support if you are suspicious of any fraudulent activities or if you have any questions.

Mortgageloan.com is a news and information service providing editorial content and directory information in the field of mortgages and loans. Mortgageloan.com is not responsible for the accuracy of information or responsible for the accuracy of the rates, APR or loan information posted by brokers, lenders or advertisers.