Amid the mostly positive housing market headlines these days, it's worth remembering that a sizeable number of homeowners are still slogging their way back toward financial health. According to CoreLogic, 3.84 percent of Nashville-area home loans were delinquent by 90 days or more in July while the area's foreclosure rate was 0.93 percent. We haven't seen both of those numbers that low since early 2009. Here's how they compare to the previous four years' July:
2012 — 4.87 percent and 1.54 percent
2011 — 5.30 percent and 1.82 percent
2010 — 5.47 percent and 1.27 percent
2009 — 4.56 percent and 1.05 percent
The median Nashville-area home price rose by 6.6 percent in the past year, according to research firm Zillow.com. That was right in line with the national average and up more than 3 percentage points from June's number. But the great times aren't expected to last: Over the next year, the median price in Middle Tennessee is expected to climb less than 1 percent while the country as a whole is forecast to put up a 5.2 percent gain. Check out Zillow's full local data set here.
Real estate data firm CoreLogic says Middle Tennessee home prices finished this past July 10.7 percent higher than the year before. That's up slightly from May and more than four points higher than ealry this year. Another good sign is that distressed properties are taking a much smaller bite out of the market these days: Including them in CoreLogic's index would have only lowered the year-over-year gains to 9.3 percent.
Worth noting, however, is that CoreLogic recently forecast that Nashville-area homeowners should expect to see year-over-year price gains of just 1.2 percent by early 2014. That would make for one heck of a comedown in the next seven months.
Want one more tidbit about how good Nashville's housing market is these days? It's so good it's also good for you, say the researchers at RealtyTrac and Local Market Monitor. The two firms have compiled statistics looking at wellness and the ability to build wealth. Combine the two and Nashvlle ranks among the country's best markets. Check out the full report here.
“While families have many good options across the country in terms of places where healthy living is evident and the prospect of appreciating home prices is solid, there are some markets that clearly stand head and shoulders above the rest,” said Daren Blomquist, vice president at RealtyTrac. “The markets considered for the Health and Wealth list all have strong appreciation potential. Some are healthier than others. This report not only features those top markets for appreciation but also highlights important health- and wealth-related factors for families to research in any market before they make the decision to buy a home.”