Jekyll and Hyde in the housing market

Market Watch

Home prices have soared over the past year, but the news isn’t all good on the home front.

According to data released Thursday by RealtyTrac, the median price of a residential property sold in the U.S. in July was $191,000, up 3% from June and 12% from a year ago. This is the highest level since September 2008. States like Michigan (24% increase), Ohio (20%) and Virginia (20%) saw especially high year-over-year increases in median sales prices, as did cities like Detroit (33%), Dayton, Ohio (31%), Stockton, Calif. (24%), Modesto, Calif. (22%), Cleveland (20%), and Miami (19%).

But behind those gleaming numbers lies an unsettling reality:

Continued:

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August 29, 2014

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Jekyll and Hyde in the housing market

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