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DataQuick's Property Intelligence Report - May 2013.

DataQuick's Property Intelligence Report - May 2013.

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Published by thomascruse
DataQuick publishes a monthly report on housing activity and trends nationwide.

Housing performance in May saw continued improvements in home prices and decreases in foreclosures. Sales continue to improve from previous low levels low levels.

For more property intelligence and property research tools, visit www.dataquick.com,

DataQuick publishes a monthly report on housing activity and trends nationwide.

Housing performance in May saw continued improvements in home prices and decreases in foreclosures. Sales continue to improve from previous low levels low levels.

For more property intelligence and property research tools, visit www.dataquick.com,

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Categories:Types, Research
Published by: thomascruse on Apr 15, 2013
Copyright:Attribution Non-commercial

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03/25/2014

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Property Intelligence Report
 
June 2013
 
Summary Notes
 
Home price growth continues in May and has spread to more of the country
 
Foreclosures continued to decrease
 
Sales increased from the previous month, but continue at low levels
 
We discuss housing markets in Denver, Colorado and Salt Lake City, Utah
March Housing Performance
Housing performance in May saw continued improvements in home prices and decreases inforeclosures. Sales continue to improve from previous low levels low levels.
 
Home price growth was positive in 33 of the 42 reported counties over the last month.
 
Home price growth was positive in 30 of the 42 reported counties over the last quarter.
 
Home price growth was positive in 31 of the 42 reported counties over the year.
 
Sales increased in 34 of the 42 reported counties over the last month.
 
Sales increased in 24 of the 42 reported counties over the last quarter.
 
Sales increased in 25 of the 42 reported counties over the last year.
 
Foreclosures decreased in 26 of the 42 reported counties over the last month.
 
Foreclosures decreased in 31 of the 42 reported counties over the last quarter.
 
Foreclosures decreased in 30 of the 42 reported counties over the last year.
Housing Outlook
Despite concerns about the continued strength of the recovery and job security, potential tax increases,and uncertainty about domestic fiscal issues, home price growth rates have increased and continue tospread across more of the country. The moderate underlying fundamental home price drivers willeventually contribute to reductions in demand for housing and dampened home price growth, althoughthe timing of this is very uncertain.
Factor Comment Current Situation
Demand for Housing The level of economic activity
 
The May employment reportcontinues a string of severalmonths of fairly positivereports.
 
Employment rose by only
 
 
Property Intelligence Report
 
June 2013
 
175,000 jobs.
 
Strict mortgage creditrequirements continueSupply of Housing The supply of housing for saleon the market
 
Housing starts and permitsincreased, but given therecent low levels of construction activity, theseincreases still leaveconstruction well below morenormal levels.Uncertainty Housing investors faceheightened uncertainty fromnational and internationalsources. In the presence of uncertainty, individuals have adifficult time valuing real estate,dampening the activity of bothbuyers and sellers.
 
Several factors lead touncertainty about thepersistence of housingmarket improvements.
 
The rate of job creation hasbeen unsteady.
 
Domestic fiscal issues,including the resolution of the current budget sequesterand reaching the debt ceilingagain in the near future.
 
Longer term fiscal uncertaintyremains due to unsustainabledeficit levels.
 
Euro Zone fiscal issuescontinue unresolved.Focus: Denver, Colorado and Salt Lake City, UtahDenver, Colorado and Salt Lake City, Utah
 –
home to nearly 3.7 million residents
 –
has recently seen verystrong housing performance. Year-over-year home price increases for Denver was 13.6% and for SaltLake City was 6.4%. Over the same period, foreclosure activity is down 47.8% in Denver and 60.0% inSalt Lake City. While year-over-year sales have been steady, sales have surged in these markets over thelast few months.While mining played an important role in the economic history of both Denver and Salt Lake City, theyhave both diversified their economies. The Denver economy is driven by employment in defense, space,tourism, and federal agencies. Further, due to its central geographic location, several companies have
 
 
Property Intelligence Report
 
June 2013
 
headquarters or large presences and it is a center for storage and distribution. The Salt Lake Cityeconomy is driven by the defense, tourism, service, and technology sectors. Steady employment growthis supporting the robust housing performance in these markets.

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