Clear Capital Says Housing Prices Expected to Drop
Clear Capital Says Housing Prices Expected to Drop
Clear Capital Says Housing Prices Expected to Drop
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July 8, 2011 (Jeff Alan)

Clear Capital expects home prices to drop another 2.4 percent in the second half of 2011, despite a 0.9 percent price increase in the second quarter, as a lack of consumer demand needed to produce sustained price increases has yet to materialize. Clear Capital also says prices have begun to level off and are no longer exhibiting the same volatility that had been experienced since the beginning of the housing downturn.

“At the mid-point of the year, it’s promising to see the overall market shake off the string of declines observed since late last year, especially in light of significant challenges for the industry,” said Dr. Alex Villacorta, director of research and analytics at Clear Capital. “However, we have yet to see the burst in consumer demand to avoid posting a net loss in national prices for the year.

Overall home prices for the first half of 2011 have dropped 3.2 percent as the first quarter price drop of 4.1 percent overshadowed the second quarter’s price gains. The Midwest was hit particularly hard with Detroit experiencing a price decrease of nearly 20 percent in the first half of 2011.

The Real Estate Owned (REO) saturation rate declined to 31.4 percent at the end of the second quarter compared to 33.1 percent at the end of the first quarter.

The four major regions, the West, Midwest, Northeast, and South, are all expected to remain in negative territory for the second half of the year with home prices in some metropolitan areas expected to show more stability.

Ten of the highest performing metropolitan areas in the first half of 2011 are forecasted to improve their performance with Washington D.C, New York, Orlando, Dallas, and San Francisco likely to turn modest gains.

California, which has been one of the hardest hit states in the housing downturn, shows potential for improvement with the second half forecast expecting a decline of less than two percent.

Metropolitan areas expected to show worsening market conditions are Virginia Beach, Cleveland, Minneapolis, Chicago, and Fresno, CA.

Clear Capital says that although price movements in the first half of the year were largely negative, the moderation of the projected price changes generally reflects a flattening market.

Tags: Clear Capital, housing prices, price declines, flattening market, stabilize, REO, saturation rate, consumer demand, metropolitan areas

Source:
Clear Capital

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July 8, 2011 (Jeff Alan)

Clear Capital expects home prices to drop another 2.4 percent in the second half of 2011, despite a 0.9 percent price increase in the second quarter, as a lack of consumer demand needed to produce sustained price increases has yet to materialize. Clear Capital also says prices have begun to level off and are no longer exhibiting the same volatility that had been experienced since the beginning of the housing downturn.

“At the mid-point of the year, it’s promising to see the overall market shake off the string of declines observed since late last year, especially in light of significant challenges for the industry,” said Dr. Alex Villacorta, director of research and analytics at Clear Capital. “However, we have yet to see the burst in consumer demand to avoid posting a net loss in national prices for the year.

Overall home prices for the first half of 2011 have dropped 3.2 percent as the first quarter price drop of 4.1 percent overshadowed the second quarter’s price gains. The Midwest was hit particularly hard with Detroit experiencing a price decrease of nearly 20 percent in the first half of 2011.

The Real Estate Owned (REO) saturation rate declined to 31.4 percent at the end of the second quarter compared to 33.1 percent at the end of the first quarter.

The four major regions, the West, Midwest, Northeast, and South, are all expected to remain in negative territory for the second half of the year with home prices in some metropolitan areas expected to show more stability.

Ten of the highest performing metropolitan areas in the first half of 2011 are forecasted to improve their performance with Washington D.C, New York, Orlando, Dallas, and San Francisco likely to turn modest gains.

California, which has been one of the hardest hit states in the housing downturn, shows potential for improvement with the second half forecast expecting a decline of less than two percent.

Metropolitan areas expected to show worsening market conditions are Virginia Beach, Cleveland, Minneapolis, Chicago, and Fresno, CA.

Clear Capital says that although price movements in the first half of the year were largely negative, the moderation of the projected price changes generally reflects a flattening market.

Tags: Clear Capital, housing prices, price declines, flattening market, stabilize, REO, saturation rate, consumer demand, metropolitan areas

Source:
Clear Capital

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July 8, 2011 (Jeff Alan)

Clear Capital expects home prices to drop another 2.4 percent in the second half of 2011, despite a 0.9 percent price increase in the second quarter, as a lack of consumer demand needed to produce sustained price increases has yet to materialize. Clear Capital also says prices have begun to level off and are no longer exhibiting the same volatility that had been experienced since the beginning of the housing downturn.

“At the mid-point of the year, it’s promising to see the overall market shake off the string of declines observed since late last year, especially in light of significant challenges for the industry,” said Dr. Alex Villacorta, director of research and analytics at Clear Capital. “However, we have yet to see the burst in consumer demand to avoid posting a net loss in national prices for the year.

Overall home prices for the first half of 2011 have dropped 3.2 percent as the first quarter price drop of 4.1 percent overshadowed the second quarter’s price gains. The Midwest was hit particularly hard with Detroit experiencing a price decrease of nearly 20 percent in the first half of 2011.

The Real Estate Owned (REO) saturation rate declined to 31.4 percent at the end of the second quarter compared to 33.1 percent at the end of the first quarter.

The four major regions, the West, Midwest, Northeast, and South, are all expected to remain in negative territory for the second half of the year with home prices in some metropolitan areas expected to show more stability.

Ten of the highest performing metropolitan areas in the first half of 2011 are forecasted to improve their performance with Washington D.C, New York, Orlando, Dallas, and San Francisco likely to turn modest gains.

California, which has been one of the hardest hit states in the housing downturn, shows potential for improvement with the second half forecast expecting a decline of less than two percent.

Metropolitan areas expected to show worsening market conditions are Virginia Beach, Cleveland, Minneapolis, Chicago, and Fresno, CA.

Clear Capital says that although price movements in the first half of the year were largely negative, the moderation of the projected price changes generally reflects a flattening market.

Tags: Clear Capital, housing prices, price declines, flattening market, stabilize, REO, saturation rate, consumer demand, metropolitan areas

Source:
Clear Capital

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.