CoreLogic has published its latest Home Price Index, which suggests that the dour forecasts for 2014 Nashville-area home price gains may come to pass after all. CoreLogic says that, including distressed sales, Middle Tennessee home prices in April climbed 9.5 percent from 12 months before. But take out distressed sales and the year-over-year price gains shrank to 7.2 percent. Two months earlier, they were still in double digits.
SEE ALSO: CoreLogic's national release
The Nashville-area housing market is doing pretty well relative to many other cities and the latest version of a Freddie Mac indicator suggests the gap is growing in our favor. A year ago, the mortgage financing agency's index had Nashville's score topping the U.S. number by 0.32 points. Now, we're up by 0.47 points — and almost in Freddie Mac's healthy range.
Real estate research firm CoreLogic says the health of the Middle Tennessee housing market improved again in March, with the share of delinquent home mortgages falling to 3.23 percent, a full point below last year's number, and foreclosures shrinking to 0.59 percent from 1.17 percent a year ago. The 90-day delinquency rate, which fell 1.05 percentage points in 2012 and another 91 basis points last year, was down 40 basis points through the first three months of this year.
SEE ALSO: Where things stood at the end of 2013
The real estate research team at CoreLogic says Nashville's housing market cooled a bit in March, at least when it came to prices. Including distressed sales, they say home prices rose 10.0 percent versus the figure of March 2013. Take out unusual situations and the year-over-year price increase dips to 8.5 percent, down from 10.4 percent in February and 11.3 percent in January. Nationally, home prices rose 9.5 percent excluding distressed sales. Add those transactions back in and the map looks like this.
Rising rents and low mortgage rates are changing the buy-or-rent dynamics for a lot of people. (Then again, so is the relative lack of for-sale inventory.) Research firm Zillow says residents of 95 percent of U.S. cities now need three years at most to make buying a better financial deal than renting. For the Nashville MSA, buying is a better financial decision if you plan to live in the home for at least 26 months — although that number climbs to four years for the 37205 and 37215 ZIP codes.
Housing market research firm Zillow has updated its 2014 home price forecasts for cities across the country and the news for Nashville-area homeowners is a bit more positive than it was three months ago. The company now sees home values in Middle Tennessee climbing 1.3 percent from now until March of next year, up from 0.9 percent in January. Conversely, the national value appreciation forecast has been trimmed to 3.3 percent from 4.8 percent.
The local number incorporates forecasts for individual area cities that vary almost three percentage points. Here are the cities with the greatest projected price growth:
• Thompson's Station: 2.9 percent
• La Vergne: 2.5 percent
• Franklin: 1.8 percent
• Goodlettsville: 1.8 percent
• Dickson: 1.6 percent
And those with the smallest expected changes...
• Gallatin: 0.8 percent
• Springfield: 0.7 percent
• Lafayette: 0.5 percent
• Portland: 0.5 percent
• Westmoreland: -1.0 percent
Check out Zillow's full market report here.
Just five cities are seeing bigger increases in median home prices than Nashville these days, according to the researchers at ZipRealty. Of that group, all but Chicago are in the far West. The value of Middle Tennessee's median home is up 13 percent year over year, more than four points higher than the national average — which is in the single digits for the first time in a year.
Look here, Nashville is at the top of another list.
Research firm RealtyTrac has updated its data on foreclosures around the country, and it turns out that Music City is the city where no fewer than 80 percent of foreclosed properties are still occupied by a former homeowner or tenant. Only Richmond, Va., comes close.
Nationally, foreclosures in March were down 23 percent from the year before.
"Banks will also now be able to devote more resources to dealing with the lingering inventory of nearly half a million already-foreclosed homes that still need to be sold," said Daren Blomquist, vice president at RealtyTrac. "Our estimates indicate only 10 percent of these bank-owned properties are listed for sale and more than half are still occupied by the former homeowner or tenant."
Real estate research firm CoreLogic says Nashville-area home prices in February were up 10.0 percent year over year, excluding distressed sales. That's down only a bit from January's number. Interestingly, excluding distressed sales pushed that price gain up to 10.4 percent. That suggests we've just about digested the last of the leftovers from the property bubble's bursting — and makes us think 2014 forecasts of very small price gains for local homeowners may soon prove to be too conservative.
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