Magazine article Mortgage Banking

Clear Capital Says 2013 Price Gains to Be Half Those in 2012

Magazine article Mortgage Banking

Clear Capital Says 2013 Price Gains to Be Half Those in 2012

Article excerpt

* Truckee, California-based Clear Capital said that national home prices rose by 4.9 percent last year. Yet the company is cautioning that price gains in 2013 should be more modest because they are coming off of a higher price floor after a full year of recovery.

The company said that some markets that were hot last year could see some shifts as buyers get priced out of the market. One such example is Phoenix, the company said, where prices have been steadily rising--whereas markets with low price points and improving local economies, such as Minneapolis, could be among the new top performers.

The West registered strong price gains in Clear Capital's latest Home Data IndexTm (HDI) Market Report with data through December 2012. Nationally, home prices in December rose 0.9 percent over the rolling quarter (nearly unchanged from November). The West saw gains in the quarter of 2.1. percent, which was a slight uptick. It was the only region to see a modest improvement in quarterly price gains. The yearly price gain for the West in the latest report was 11.8 percent.

A press release stated, "As reported throughout the year, the West has been the front-runner of the recovery. …

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