RENO, NV--(Marketwired - March 07, 2016) - The March Clear Capital Home Data Index (HDI) Market Report releases recent and granular data through February 2016, providing insights into housing price trends and other leading indices for the real estate market at the national and local levels.
Winter continues to slow growth in housing price appreciation across the nation, but distressed saturation levels -- the percentage of real estate owned and short sales to all sales -- could point to a strong market return come spring.
"As winter continues to slow quarterly growth across most areas of the nation, there are several MSAs that are showing resistance to the usually lethargic season. This is a good sign that the current economic and financial market instabilities are not greatly affecting all corners of the real estate industry, yet shows that there is still volatility in the market across various factors. At the end of the day, however, the decline in the number of distressed properties from March 2015 to March 2016 is promising. As the legacy of the housing crash continues to subside, markets become healthier and more stable in the long run.
Conversely, lower levels of distressed saturation will also mean fewer opportunities for investment buyers, potentially leading to lower demand in certain areas of these markets. As the slow season thaws and the spring kickstart of the real estate season nears, we'll get a better idea of how consumer confidence and economic uncertainty, along with the distressed saturation levels, will ultimately affect the nation's housing industry," states Alex Villacorta, Ph.D., vice president of research and analytics at Clear Capital.
National and Regional Markets | |||
Market | Qtr/Qtr | Yr/Yr | Distressed Saturation |
National | 0.6% | 4.7% | 14.7% |
West | 0.9% | 7.3% | 10.3% |
Northeast | 0.3% | 1.7% | 12.9% |
South | 0.6% | 5.3% | 17.8% |
Midwest | 0.3% | 4.0% | 16.5% |
Chart 1. National and Regional distressed saturation and changes in home prices from last quarter and last year. Data through February 2016. Source: Clear Capital® |
Highest Performing Major Metro Markets | ||||||||
Qtr/Qtr Rank | Metropolitan Statistical Area | Qtr/Qtr | Yr/Yr | Distressed Saturation | ||||
1 | Providence, RI -- New Bedford, MA -- Fall River, MA | 1.6% | 6.1% | 12.4% | ||||
2 | Seattle, WA -- Tacoma, WA -- Bellevue, WA | 1.6% | 11.0% | 10.6% | ||||
3 | Denver, CO -- Aurora, CO | 1.4% | 11.5% | 6.4% | ||||
4 | Nashville, TN -- Davidson, TN -- Murfreesboro, TN | 1.4% | 8.0% | 9.9% | ||||
5 | Tampa, FL -- St. Petersburg, FL -- Clearwater, FL | 1.3% | 10.3% | 24.8% | ||||
6 | Phoenix, AZ -- Mesa, AZ -- Scottsdale, AZ | 1.3% | 8.4% | 11.2% | ||||
7 | Orlando, FL | 1.3% | 8.9% | 25.8% | ||||
8 | Las Vegas, NV -- Paradise, NV | 1.3% | 9.3% | 18.2% | ||||
9 | Portland, OR -- Vancouver, WA -- Beaverton, OR | 1.3% | 9.7% | 10.9% | ||||
10 | Houston, TX -- Baytown, TX -- Sugar Land, TX | 1.2% | 9.1% | 3.5% | ||||
11 | Sacramento, CA -- Arden, CA -- Roseville, CA | 1.2% | 8.4% | 11.4% | ||||
12 | Miami, FL -- Ft. Lauderdale, FL -- Miami Beach, FL | 1.1% | 10.1% | 22.7% | ||||
13 | San Francisco, CA -- Oakland, CA -- Fremont, CA | 1.1% | 8.1% | 6.5% | ||||
14 | Jacksonville, FL | 1.1% | 8.1% | 27.8% | ||||
15 | San Diego, CA -- Carlsbad, CA -- San Marcos, CA | 1.1% | 7.0% | 9.5% |
Chart 2. Highest Performing Major Metro Markets through February 2016. Source: Clear Capital® |
Lowest Performing Major Metro Markets | ||||||||
Qtr/Qtr Rank | Metropolitan Statistical Area | Qtr/Qtr | Yr/Yr | Distressed Saturation | ||||
1 | Boston, MA -- Cambridge, MA -- Quincy, MA | -1.9% | -5.4% | 8.7% | ||||
2 | Rochester, NY | -0.7% | -0.7% | 13.7% | ||||
3 | Memphis, TN | -0.5% | -2.1% | 27.4% | ||||
4 | Birmingham, AL -- Hoover, AL | -0.1% | 0.9% | 15.8% | ||||
5 | Milwaukee, WI -- Waukesha, WI -- West Allis, WI | 0.0% | 3.8% | 17.1% | ||||
6 | Richmond, VA | 0.0% | 2.5% | 15.6% | ||||
7 | Virginia Beach, VA -- Norfolk, VA -- Newport News, VA | 0.1% | 1.9% | 19.5% | ||||
8 | New Orleans, LA -- Metairie, LA -- Kenner, LA | 0.1% | 5.7% | 18.0% | ||||
9 | Philadelphia, PA -- Camden, NJ -- Wilmington, DE | 0.2% | 2.4% | 17.9% | ||||
10 | Pittsburgh, PA | 0.3% | 2.8% | 11.1% | ||||
11 | Honolulu, HI | 0.3% | 5.2% | 7.5% | ||||
12 | Baltimore, MD -- Towson, MD | 0.3% | 1.1% | 25.6% | ||||
13 | Dayton, OH | 0.3% | 2.8% | 21.2% | ||||
14 | Cleveland, OH -- Elyria, OH -- Mentor, OH | 0.4% | 2.8% | 19.5% | ||||
15 | Washington, DC -- Arlington, VA -- Alexandria, VA | 0.4% | 2.1% | 15.4% |
Chart 3. Lowest Performing Major Metro Markets through February 2016. Source: Clear Capital® |
Top 30 MSAs February 2016
For your February 2016 file of the Top 30 MSAs, access our data on the Bloomberg Professional service by typing CLCA <GO> or contact:
About the Clear Capital ® Home Data Index (HDI) Market Report
The Clear Capital HDI Market Report provides insights into market trends and other leading indices for the real estate market at the national and local levels. A critical difference in the value of the HDI Market Report is the capability of Clear Capital to provide more timely and granular reporting than nearly any other home price index provider.
The Clear Capital ® HDI Market Report
Clear Capital ® HDI Methodology
About Clear Capital ®
Clear Capital is a nationwide provider of real estate valuations, data and analytics, quality assurance services and technology solutions. The Company's customers include mortgage lenders, servicers, investors, GSEs, and Ratings Agencies. Clear Capital products include appraisals, broker price opinions, property condition inspections, value reconciliations, appraisal review and risk scoring, automated valuation models, home data indices, and platform solutions. The Company's innovative technology, experienced valuation experts, and a well-trained network of more than 40,000 field experts sets a new standard for accurate, up-to-date, and well documented valuation data and assessments. Morningstar Credit Rating issued Clear Capital its highest Residential Vendor Ranking -- MOR RV1. Clear Capital's home price data can be accessed on the Bloomberg Professional service by typing CLCA <GO>.
The information contained in this report is based on sources that are deemed to be reliable; however no representation or warranty is made as to the accuracy, completeness, or fitness for any particular purpose of any information contained herein. This report is not intended as investment advice, and should not be viewed as any guarantee of value, condition, or other attribute.
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Contact Information:
Brian Opsal
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brian.opsal@clearcapital.com
Phone: 530.550.2546