CoreLogic's latest set of home price data shows that the average house rose by 4.6 percent in value in the year ended Aug. 31, the biggest gain in six years. A number of states out West led the way. Locally, the number isn't as strong.
In Nashville-Davidson--Murfreesboro--Franklin, home prices, including distressed sales, increased by 2.1 percent in August 2012 compared to August 2011 and increased by 2.0 percent* in July 2012 compared to July 2011. On a month-over-month basis, home prices including distressed sales, decreased by 0.5 percent in August 2012 compared to July 2012.
CoreLogic's latest set of Nashville-area housing data provides another piece of evidence that we are taking tiny steps toward a healthy residential real estate market — and by extension, a stronger regional banking sector. The number of people whose mortgages are at least 90 days late dipped to 4.84 percent — more than a point below their post-recession peak — while the foreclosure rate ticked down to 1.53 percent.
The foreclosure rate is the lowest since September of 2010, while the delinquency rate is at its lowest in almost three years. Plus, there's a lot less dark red on the map these days.
The residential construction sector appears to be gathering steam: The order backlog of all of the nation's largest publicly traded builders has grown by 34 percent in the past year. Provided these companies don't get ahead of themselves, that should provide an employment boost to the economy in the coming quarters.
A study by researchers from UCLA at Holland's Maastricht University shows that homes certified as being environmentally friendly fetch an average of 9 percent more when they're sold. And that's not the only way being green pays off.
Researchers also found something they dubbed the Prius effect: Buyers in areas where consumer sentiment in support of environmental conservation is relatively high — as measured by the percentage of hybrid auto registrations in local ZIP Codes — are more willing to pay premiums for green-certified houses than buyers in areas where hybrid registrations were lower.