Clear Capital just released it’s Home Data Index™ (HDI) for April, which reveals that REO’s, which have been a drag on the market for several years now by bringing home prices down, are actually help bolster prices as a result of investor demand for REO’s for rentals. REO home price gains (on a price per foot basis) are “vastly outpacing fair market prices on a national level” according to the report.
The report also says that the U.S. housing market is on “solid footing” but the Midwest region is on a “slippery slope” seeing it’s fifth month of price declines and it’s year over year losses in home prices increase to 4.0 percent from 3.8 percent the month before. The Northeast region saw a year over year increase in home prices of 0.7 percent while the West and South, both of which saw year over year declines, saw improvements in the rate of decline with their losses shrinking to 1.4 percent and 0.3 percent respectively.
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