Research firm CoreLogic says the number of Nashville-area homeowners delinquent on their mortgages fell below 4.5 percent in January, the first time since June 2009 they were that low. The region's foreclosure rate held steady in the first month of the new year.
Middle Tennessee home sales have rebounded nicely and prices have started to rise at a decent clip, but there's one housing market statistic that hasn't budged much at all in the past year and change. At the end of 2012, CoreLogic says 13.4 percent of local homes with a mortgage were worth less than that mortgage. That was actually up slightly from September of 2011. Another 6.6 percent of mortgaged homes were in near-negative equity, which is about a point better than 15 months prior.
Here's CoreLogic's national release, which shows a number of cities with negative equity ratios still well above 30 percent.
Nashville-area home prices ended January 6 percent higher than a year earlier and up 0.7 percent from December, according to research firm CoreLogic. Taking out distressed sales, prices rose 6.3 percent year over year. Those numbers are a nice bump from the sub-3 percent gains from last fall but they do lag the U.S. average by several points. It should be noted, though, that the national number is distorted by some gaudy numbers from several states in the West.
SEE ALSO: CoreLogic's national data release
BMO Capital Markets analyst Stephen Atkinson kicked off his week by lifting his price target for shares of Louisiana-Pacific to $25 from $24. While it's not a huge move, it has helped the stock (Ticker: LPX) stay ahead of a lackluster market today. As of 1:35 p.m., the shares were up 1 percent to $22.52, putting them within 3 percent of their highest levels since the first few weeks of 2007. They've climbed 170 percent in the past year as housing market optimism has risen.
The Nashville-area housing market finished 2012 in much better shape, say the researchers at CoreLogic. The foreclosure rate fell for the eighth straight month to its lowest level since August 2009, and the number of properties delinquent 90 days or more ticked down again. That statistic is now a full percentage point below its early 2011 level.
California-based RealtyTrac has released its January numbers for foreclosure properties and Tennessee looks, relatively speaking, fairly healthy.
The state recorded 1,542 foreclosure filings in January, down 26.8 percent from the January 2012 figure. On a somewhat sour note, the month saw 814 foreclosure starts, up 32.4 percent from January of the previous year. However, Tennessee had 728 foreclosure completions this past January, down 51 percent from the January 2012 total.
For January and nationwide, foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 150,864 U.S. properties, a decrease of 7 percent from the previous month and down 28 percent from the January 2012 mark. The report also shows one in every 869 U.S. housing units with a foreclosure filing during the month.
For RealtyTrac's national release, click here.