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New Numbers Show Home Values Rising



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(Sacramento, CA)
Tuesday, July 10, 2012

The numbers compare home values nationwide from the past four months - March through June - with the previous three months - December through February.

"The West out-performed all of the regions that we track, came in very strong with a 3.5% quarterly gain, on the year-over-year it's up 4%."

Alex Villacorta is with the Truckee-based house-price tracking firm Clear Capital, which released the numbers.
 
California by itself saw a 2.8% quarterly gain and year-over-year growth of 2%. About one-in-three-homes is still bank-owned…or an "REO."   
 
Villacorta says one factor that's driving price growth is - rental rates are increasing and vacancies are decreasing…creating a demand for more rental inventory and driving up values of homes in the lower end of the price spectrum.   
 
"There's a lot of distressed inventory out there ready for tenants to move right in after some repairs. So with that dynamic, we're really seeing this resurgence of REOs now being a desired asset. In California we see this especially."
 
Villacorta projects prices in California will increase another 5% over the next six-months. 
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