EXCERPTS FROM AN ARTICLE IN INMAN NEWS BY DAVID MELE, “AMERICA’S HOUSING MARKET REBOUND: TOO SOON TO DECLARE VICTORY”
- More than half the nation’s top housing markets have now reached or exceeded their peak prices during the housing boom.
- Those markets that lost the most value due to default and foreclosures are farthest from achieving full price recovery.
- Nearly half of our markets and millions of our homeowners are still years away from regaining the equity that they lost nearly 10 years ago.
- There is no such thing as a national housing market. “National” medians are only statistics.
- This fall, 170 of the nation’s largest 300 markets, or 57% had achieved full price recovery including 53 of the top 100 markets.
- Among the nation’s 100 largest markets, western markets continue to lead the recovery. All of the other top-performing mid-sized markets were also in the west.
- The greatest number of markets losing value at the end of the third quarter was in the south and the Midwest.
- Markets that lost the most value during the housing crash have the longest road back to recovery. Those with minimal price declines (0%-10%) have rebounded with an average of 109%. Moderate price declines (10%-20%) have had an average rebound percentage at 102%. Severe price decline markets (20% or more) have had an average rebound of 84%.
- 46% of the nation’s largest markets have not recovered yet.
- Even in markets where median prices have reached full price recovery, nearly half of the homes are still below their peak values.
- In the Northeast, homeowners are still waiting for relief.