March 6th, 2013
Several markets that were the most adversely affected during the housing crisis saw significant home price growth in January and appear to be steadily recovering.
According to the monthly Property Intelligence Report from DataQuick, 13 of the hardest-hit markets experienced housing growth rates that ranged between 9 and 24 percent. For example, Phoenix, Arizona, topped the list with a home price growth rate of 24.17 percent, followed by Sacramento, California, at 15.05 percent. Two other hard-hit California markets - Los Angeles and Riverside – were at the bottom of the list, but still experienced some improvement with growth rates of 9.46 and 9.34 percent, respectively.
The report, which assesses 42 of the largest counties in the United States, also released additional findings about the state of many U.S. markets that supports many analysts’ predictions that the markets are recovering at consistent levels. For example, home price growth was positive in 35 of the 42 reported counties over the last month, quarter and year. In addition, sales increased in 33 of the 42 reported counties from 2012, while foreclosures decreased in 26 of the 42 reported counties over the last year.
States that were heavily affected by the housing crisis, such as Arizona, Florida and California, may also see a boost in the number of people seeking loans through a mortgage service company as foreclosures decline, home values improve and interest rates remain low.