If I can help you find the perfect Napa Valley property, please email me
Report finds 65 percent of local housing markets worse off than four years ago
A report by RealtyTrac on the health of local housing markets compared with four years ago found that 65 percent of local housing markets nationwide are worse off than four years ago, based on an analysis of five key metrics impacting housing in more than 900 counties nationwide.
The key metrics analyzed were average home prices, unemployment, foreclosure inventory, foreclosure starts, and share of distressed sales. In the 919 counties with data available for all five metrics, 580 (65 percent) showed at least three out of the five key metrics worse off than four years ago, while in 315 counties (35 percent) at least three of the five key metrics were better off than four years ago.
“The U.S. housing market has shown strong signs of life in recent months, but many local markets continue to struggle with high levels of negative equity as the result of home prices that are well off their peaks. In addition, persistently high unemployment rates are hobbling a robust real estate recovery in most areas,” said Daren Blomquist, vice president at RealtyTrac. “While the worst of the foreclosure problem is in the rear view mirror for a narrow majority of counties, others are still working through rising levels of foreclosure activity, inventory and distressed sales as they continue to clear the wreckage left behind by a bursting housing bubble.”