One of the money center banks recently presented an interesting view on home values. They looked at every state and compared home value trends with and without the influence of distressed sales. The result shows that 14 states have experienced appreciation - in one case as high as 8% - with distressed home sales factored out. And the large overhang of 90+ past due and in-process-foreclosures continues to exert gravitational pull on certain key markets.
Our view is that even statewide data is of limited use to folks - realtors, counselors, appraisers - dealing with home value challenges. The various sources of data must be applied to both the property and market complexity issues. We conclude this shows that deeper analysis - perhaps even down to the 10 block zone - can give much better insight to those handling home sales.
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