Research firm CoreLogic says Nashville-area home prices rose 7.7 percent in May 2015 as compared to the same month last year. Take out distressed sales and that number is still 7.6 percent.
CoreLogic's national data set is available here. Tennessee is one of 10 states experiencing record prices.
It's not so much a news flash as an affirmation of what a lot of us are seeing out and about every day: The Middle Tennessee area's housing market is growing stronger every month. Freddie Mac's Multi-Indicator Market Index rose to 87.4 in April and is now up almost 10 points from three months earlier. That's thanks largely to the region's strong job growth.
Freddie Mac's national report is here.
Nashville-based boutique developer Harpeth Development has a new image for its Solo East residential project slated for construction in South Inglewood.
Kline Swinney Associates is serving as the architect and project consultant, with Hardaway Construction as the general contractor. Both companies also are based locally.
Read more about the project here.
(Images courtesy of Harpeth Development, Bruce McNeilage and KSA)
Here's the latest image:
And the previous image:
Pollack Shores Real Estate Group has landed a permit to demolish The Gossett Building in the North Gulch, one of the first steps toward the Atlanta-based developer’s starting construction on a large-scale mixed-use building.
The Gossett Building (see here courtesy of Google Maps) is best known for most recently housing costume and makeup business Performance Studios.
Nashville-based Demo Plus will handle the job, according to a Metro Codes Department document. The permit is valued at $300,000.
The 3.44-acre site is bounded by Church Street on the north, 12th Avenue on the east, Grundy Street on the south and Davis Boulevard on the west.
Read more about the Pollack Shores project here and see the proposed building here.
About 4.2 percent of Nashville-area homeowners owe more on their mortgages than their houses are worth, according to real estate research firm CoreLogic. That March 31 number amounts to almost 14,900 homes but is down significantly from the 20,787 homes — or 5.9 percent of the total — that were in negative equity a year earlier. Another 1.5 percent of all homes are considered to be "near negative equity," down from 2.9 percent in early 2014.
Nationally, CoreLogic says 10.2 percent of homeowners with mortgages were underwater at the end of the first quarter. That was down from 12.9 percent the year before.
Of the more than 50 million residential properties with a mortgage, approximately 9.7 million, or 19.4 percent, have less than 20 percent equity (referred to as "under-equitied"), and 1.3 million, or 2.7 percent, have less than 5 percent equity (referred to as near-negative equity). Borrowers who are "under-equitied" may have a more difficult time refinancing their existing homes or obtaining new financing to sell and buy another home due to underwriting constraints. Borrowers with near-negative equity are considered at risk of moving into negative equity if home prices fall.
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