TRUCKEE, Calif. – Jan. 9, 2012 – Clear Capital (www.clearcapital.com), released its monthly Home Data Index™ (HDI) Market Report, with news of a year-over-year national price change in 2011 of -2.1%, and forecast of a slight 0.2% gain in 2012.
Report highlights include:
- 2011’s decrease of -2.1% year-over-year was bolstered by a stabilizing of prices in the latter half of the year and decreasing REO saturation.
- In 2012, U.S. home prices are forecasted to show continued stabilization with a slight gain of 0.2% across all markets, remaining near levels not seen since back in 2001.
- Importance of micro-market analysis is reiterated as the 2012 forecast is for a flat U.S. market, but only 40% of individual markets (20 of 50) are projected to be stable.
“Overall, 2011 was a relatively quiet year for U.S. home prices compared to the last five years,” said Dr. Alex Villacorta, Director of Research and Analytics at Clear Capital. “With national prices down a little more than two percent for the year and sitting at their lowest point since 2001, our projections show that the current balance the market has found will continue through 2012.”
“However, individual markets reacting to their local economic drivers exhibit a wide range of performance levels,” added Dr. Villacorta.“Although the national numbers suggest markets are flat, when looking at individual metro markets it turns out only 24% of them showed signs of stabilization in 2011, while the others are still moving more dramatically higher or lower. What’s most interesting is that the lower segments of appreciating markets are driving much of the current price growth. In places like Florida, which have historically been hard hit, we are now seeing considerable activity in lower-end properties as demand continues to heat up.”
The Inland Empire Performed as follows:
| Qtr/Qtr Rank | Metropolitan Statistical Area | 2011 Observed Yr/Yr | 2011 Observed Qtr/Qtr | REO Saturation | ||||
| 1 | Dayton, OH | 11.5% | 5.0% | 29.2% | ||||
| 2 | Orlando, FL | 6.7% | 3.2% | 24.9% | ||||
| 3 | Miami, FL – Ft. Lauderdale, FL – Miami Beach, FL | 5.6% | 1.7% | 31.3% | ||||
| 4 | Rochester, NY | 4.7% | 2.1% | 3.5% | ||||
| 5 | Milwaukee, WI – Waukesha, WI – West Allis, WI | 4.5% | -0.3% | 19.9% | ||||
| 6 | Washington, DC – Arlington, VA – Alexandria, VA | 3.5% | 4.7% | 11.8% | ||||
| 7 | Denver, CO – Aurora, CO | 3.3% | 3.0% | 22.5% | ||||
| 8 | Dallas, TX – Fort Worth, TX – Arlington, TX | 2.7% | 0.7% | 28.5% | ||||
| 9 | Providence, RI – NewBedford, MA – Fall River, MA | 2.6% | -3.4% | 14.5% | ||||
| 10 | Pittsburgh, PA | 2.5% | 0.0% | 6.1% | ||||
| 11 | Jacksonville, FL | 1.7% | 0.1% | 27.9% | ||||
| 12 | Phoenix, AZ – Mesa, AZ – Scottsdale, AZ | 1.5% | 2.7% | 32.9% | ||||
| 13 | NY, NY – No. New Jersey, NJ – Long Island, NY | 1.2% | 0.6% | 7.0% | ||||
| 14 | Boston, MA – Cambridge, MA – Quincy, MA | 0.1% | 0.2% | 8.7% | ||||
| 15 | Tampa, FL – St. Petersburg, FL – Clearwater, FL | -0.6% | 2.1% | 23.7% | ||||
| 16 | Houston, TX – Baytown, TX – Sugar Land, TX | -0.8% | 1.8% | 27.6% | ||||
| 17 | Honolulu, HI | -0.8% | 1.6% | 7.4% | ||||
| 18 | Cleveland, OH – Elyria, OH – Mentor, OH | -1.1% | 0.9% | 31.1% | ||||
| 19 | Oklahoma City, OK | -1.2% | -1.6% | 12.3% | ||||
| 20 | Charlotte, NC – Gastonia,NC – Concord, NC | -2.2% | -0.3% | 13.3% | ||||
| 21 | San Jose, CA – Sunnyvale, CA – Santa Clara, CA | -2.5% | -0.1% | 16.3% | ||||
| 22 | Bakersfield, CA | -2.6% | 0.5% | 42.7% | ||||
| 23 | Chicago, IL – Naperville, IL – Joliet, IL | -2.6% | 0.6% | 29.9% | ||||
| 24 | New Orleans, LA – Metairie, LA – Kenner, LA | -2.9% | -1.9% | 20.6% | ||||
| 25 | Riverside, CA – San Bernardino, CA – Ontario, CA | -3.4% | -1.7% | 42.2% | ||||
| 26 | Columbus, OH | -3.5% | 0.3% | 33.9% | ||||
| 27 | Portland, OR – Vancouver, OR – Beaverton, OR | -3.5% | 0.8% | 15.5% | ||||
| 28 | Hartford, CT – West Hartford, CT – East Hartford, CT | -3.6% | 0.4% | 5.4% | ||||
| 29 | Raleigh, NC – Cary, NC | -3.7% | -0.9% | 5.6% | ||||
| 30 | Los Angeles, CA – Long Beach, CA – Santa Ana, CA | -3.7% | -2.3% | 28.9% | ||||
| 31 | Cincinnati, OH – Middletown, OH | -4.1% | -0.4% | 22.3% | ||||
| 32 | Virginia Beach, VA – Norfolk, VA – Newport News, VA | -4.4% | 1.2% | 20.0% | ||||
| 33 | Memphis, TN | -4.7% | -6.4% | 37.4% | ||||
| 34 | San Diego, CA – Carlsbad, CA – San Marcos, CA | -4.7% | 0.1% | 24.3% | ||||
| 35 | San Francisco, CA – Oakland, CA – Fremont, CA | -4.7% | 5.0% | 3.3% | ||||
| 36 | Nashville, TN – Davidson, TN – Murfreesboro, TN | -4.8% | -0.8% | 17.1% | ||||
| 37 | Philadelphia, PA – Camden, NJ – Wilmington, DE | -5.0% | -2.5% | 9.9% | ||||
| 38 | Richmond, VA | -5.9% | -0.9% | 18.3% | ||||
| 39 | Baltimore, MD – Towson, MD | -6.2% | -1.7% | 14.2% | ||||
| 40 | Sacramento, CA – Arden, CA – Roseville, CA | -6.9% | -0.1% | 34.0% | ||||
| 41 | Fresno, CA | -7.3% | 0.5% | 38.6% | ||||
| 42 | St. Louis, MO | -7.7% | -0.9% | 25.9% | ||||
| 43 | Oxnard, CA – Thousand Oaks, CA – Ventura, CA | -7.8% | -3.7% | 28.0% | ||||
| 44 | Minneapolis, MN – St.Paul, MN – Bloomington, WI | -8.7% | -0.5% | 42.1% | ||||
| 45 | Las Vegas, NV – Paradise, NV | -9.2% | -2.0% | 46.5% | ||||
| 46 | Tucson, AZ | -9.4% | -1.5% | 39.2% | ||||
| 47 | Detroit, MI – Warren, MI – Livonia, MI | -10.8% | -4.7% | 48.4% | ||||
| 48 | Birmingham, AL – Hoover, AL | -11.1% | 4.3% | 34.0% | ||||
| 49 | Seattle, WA – Tacoma, WA – Bellevue, WA | -15.1% | -3.7% | 19.7% | ||||
| 50 | Atlanta, GA – Sandy Springs, GA – Marietta, GA | -18.3% | -8.4% | 42.2% |