By Steve Cook
The lowest performing metros saw only two out of 15 post quarterly losses, with prices declining less than 1.0 percent for each. Average yearly gains for the group rest at 3.0 percent, evidence that the more active spring and summer buying season have helped buoy most major markets’ home prices. See our chart of July’s bottom 15 performing markets.
Detroit home prices have risen 9.6 percent over the last year and while the metro remains on the lowest performing list, its quarterly gains of 1.0 percent are the highest for the group. These gains are particularly impressive against the backdrop of an REO saturation rate of 42.0 percent, more than 27.0 percentage points higher than the national average.
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