RE Lending Risks Monitor: May 2010 Edition
There are many positive signs in housing markets. Affordability is at its highest level in over 40 years, which together with various incentives, has contributed to a surge in home sales. Inventories of existing and new homes have fallen, while demand for finished lots in prime locations has become heated as homebuilders prepare for a resurgence in new home demand. And thankfully, the steep descent in home prices has been replaced by some stability. Within the 12th Federal Reserve District, median home prices have edged up in California and Hawaii, helping a million or so homeowners become slightly less under-water on their mortgages. However, national data can obscure regional trends. According to the CoreLogic HPI, prices have continued to falter in other states in the District, most prominently in Idaho and Nevada, with median prices down 12% in both states over the past year.
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