Hard-Hit Markets Experiencing Rebound in Home Price Growth in January

Hard-Hit Markets Experiencing Rebound in Home Price Growth in January

-DataQuick’s Property Intelligence Report reports rebound, but not sustainable recovery yet-

SAN DIEGO – February 28, 2013 – (RealEstateRama) — Thirteen of the hardest hit housing markets during the housing downturn experienced significant home price growth rates in January, according to a monthly Property Intelligence Report (PIR) from DataQuick®, a provider of advanced real estate information solutions powered by data, analytics and decisioning.

These thirteen housing markets’ growth rates range from 9 percent to 24 percent – which are well above the long-term home price growth rate.

State

Metro

Home Price Growth Rate Latest Year

AZ

Phoenix

24.17%

CA

Sacramento

15.05%

MI

Detroit

14.48%

NV

Las Vegas

14.18%

CA

Richmond

14.06%

CA

San Jose

12.71%

CA

Oakland

11.78%

FL

Ft. Myers

10.76%

CA

San Bernardino

10.62%

CA

San Diego

10.03%

FL

Orlando

9.62%

CA

Los Angeles

9.46%

CA

Riverside

9.34%

“The January PIR reviews whether or not there is justification for these elevated growth rates, or if these growth rates are evidence of a new bubble forming in these areas,” said the report’s author, Gordon Crawford, Ph.D., vice president of Analytics for DataQuick. “Although these markets are rebounding, there is uncertainty as to whether or not they will sustain consistent growth.”

The national employment picture has been steadily improving, which is directly linked to housing growth in these thirteen markets. However, Crawford notes that recent growth rates might be compensating for excessive decreases in home prices experienced during the housing downturn.

“During the housing crisis, many were uncertain as to where the bottom in home prices had been reached; causing many owners and investors to patiently wait on the sideline,” said Crawford. “Once interested parties saw a market trough, they eagerly returned to the market.”

The report highlights that expectations of home price growth will begin to slow down in these markets to a level that can be supported by key demand drivers. “New residence construction has only grown at a moderate pace, with shadow inventory continuing to dampen home price growth as it comes to the market,” continued Crawford.

DataQuick’s PIR leverages its national property database and analytics expertise to assess 42 of the largest counties in the United States using valuation trends, REO inventory trends and sales trends metrics. Key findings for January include:

·         Home price growth was positive in 35 of the 42 reported counties over the last month, quarter and year

·         Sales increased in 12 of the 42 reported counties over the last month

·         Sales increased in 6 of the 42 reported counties over the last quarter

·         Sales increased in 33 of the 42 reported counties over the last year

·         Foreclosures decreased in 29 of the 42 reported counties over the last month

·         Foreclosures decreased in 29 of the 42 reported counties over the last quarter

·         Foreclosures decreased in 26 of the 42 reported counties over the last year

About DataQuick

San Diego-based DataQuick, a Decision Insight Information Group Company, delivers advanced information solutions powered by higher quality data, innovative analytics and automated decisioning across a national footprint. The company drives better decision making and improved profitability for the real estate, mortgage lending and secondary investor markets.  DataQuick’s integrated solutions include property data and analytics, appraisals and non-appraisal evaluations, flood determinations, mortgage credit reports, automated valuation models, automated decisioning software, Title insurance and property information, property research portals and marketing tools. For more information, visit the company’s website at www.dataquick.com, on LinkedIn or on Twitter at @DataQuick.

About Decision Insight Information Group

Decision Insight Information Group, located in the U.S., Canada and Europe, delivers a comprehensive range of information, infrastructure and decision support products and services for financial and legal professionals.  Operating at the heart of the property industry, Decision Insight Information Group manages complex information solutions and provides clarity on decision making for buying, selling, conveyancing, financing and insurance. Decision Insight Information Group companies include MSB and DataQuick in the U.S., Access Point Information Canada, SearchFlow, xit2 and Decision Insight Hub in the UK, Millar & Bryce in Scotland, Rochford Brady Group in the Republic of Ireland, Wertweiser, a joint venture with HVB Bank, in Germany, and Decision First, a joint venture with First Title, in the UK. Decision Insight Information Group has 1,100 employees in 16 offices. For more information, visit www.decisioninsightgroup.com. Decision Insight Information Group is a TPG Capital portfolio company.

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