By Steve Cook
A majority of the nation’s largest markets, 52 percent, have now recovered more than half of the equity they lost during the Great Recession, according to the latest Rebound Report from Homes.com.
For the fourth consecutive month, all of the 200 midsize local markets measured continued to show gains year over year for the single-family index in October. While the number of top 100 markets achieving a full recovery remained flat from the previous month, there was noticeable improvement in the number of these markets pertaining to overall recovery. Three markets moved out of the 0-25 percent rebound range, and three markets moved up in the 75-100 percent rebound range.
Month-over-month increases in index values were seen in 251 of the top 300 markets, down from 253 the previous month. The slight downtrend is likely due to both seasonal trends and the state of recovery for these markets. Of the 49 markets that saw declines last month, 18 have fully recovered their decline in home prices from the housing bubble and show signs of continuing stabilization.
Seasonal downtrends, along with market stabilization, continued to trend at the end of the third quarter increased month to month – slightly down by three from last month’s report. However, the month-to-month declines displayed by 39 markets are relatively nominal, with the largest decrease being -0.93 index points in Lynchburg, Va.
“As we end the third quarter, both large and small markets that previously achieved full price recovery from the housing depression consolidated their gains reached during the home buying season. One in four surpassed their pre-recession peak values,” said Brock MacLean, executive vice president of Homes.com. “These price gains are restoring millions of homeowners to positive equity and are reviving local real estate markets across the country.”
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