Pro Teck
Valuation Services released the company’s October Home Value
Forecast (HVF) Thursday, and the data shows that California isn’t a black eye
on the market anymore. The HVF update also examines the impact of state
judicial and non-judicial foreclosure proceedings on the housing recovery in
many markets across this country.
“Two years ago much of the bad news was centered on California,
a non-judicial state. Foreclosures were driving down prices and there were high
REO discounts,” said Tom O’Grady, CEO of Pro Teck Valuation Services. “But
banks moved swiftly to cut losses, peak foreclosure activity came and went, and
many markets are now on the rebound. In fact, eight of our top ten metros for
this month are in California.”
This month’s HVF update also includes a listing of the 10 best
and 10 worst performing metros as ranked by its market condition ranking model.
The rankings are run for the single family home markets in the top 200 CBSAs on
a monthly basis to highlight the best and worst metros with regard to a number
of leading real estate market indicators, including: sales/listing activity and
prices, months of remaining inventory (MRI), days on market (DOM), sold-to-list
price ratio, and foreclosure and REO activity.
“Our top ten metro list in October is dominated by California,
but all are showing impressive numbers. Each have less than four months of
inventory and are averaging more than 20 percent year-over-year appreciation,”
O’Grady said.
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