Magazine article Mortgage Banking

Home-Price Rebound Slower for Cheaper Homes in Hardest-Hit States

Magazine article Mortgage Banking

Home-Price Rebound Slower for Cheaper Homes in Hardest-Hit States

Article excerpt

Black Knight Financial Services LLC, Jacksonville, Florida, released its November Mortgage Monitor Report and found evidence that lower-pricetier homes in hardest-hit states remain further off their price peaks than higher-valued residential properties in those same markets.

In a press release, the company cited Nevada as an example of what it found. Overall, the state of Nevada remains more than 39 percent off its pre-crisis price peak, according to Black Knight's Home Price Index (HPI). But Nevada properties in the lowest price tier (bottom 20 percent) remain 47 percent off of their price peaks.

Black Knight also pointed to wide price performance differences in the state of California. Properties in the highest price tier (the top 20 percent) are now within just over 3 percent of their pre-crisis peak. Whereas the homes falling in the bottom 20 percent price tier are still almost 32 percent below their pre-crisis peak.

Trey Barnes, Black Knight's senior vice president of loan data products, explained how his group isolated the differences in home-price behavior among the categories of housing stock. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.