Trey Garrison | HousingWire
The number of homes nationwide losing value on a monthly basis has more than tripled over the past year while the number of appreciating homes has fallen more than 12%, according to Allan Weiss, CEO of Weiss Residential Research.
Depreciating homes increased from 7.6% to 23.4% while the number of appreciating homes has fallen from 65.2% to 56.8%, according to an analysis of July data from “canary homes” that are indicators of price trends in Weiss Residential Research’s databases of nearly 100 million homes.
Comment by Jim Belfiore, real estate consultant:
“In the Metro Phoenix Area, prices in many submarket areas have moderated or increased slightly over the past twelve months. Healthy demand over the past 90 days, though, and relatively limited supply, are likely to push both new and resale values upward fairly dramatically in the immediate future. Net new home prices appreciated 0.4 percent last month, and Belfiore is projecting 7 percent appreciation through 2016.”
