Residential real estate values in the US rose in June, according to the CoreLogic Home Price Index. The research organisation revealed that prices were up 0.7 per cent compared to May, making it the third consecutive month of increases. However, year-on-year values are still depressed, although this is less pronounced when distressed sales are not taken into account.
Chief economist for CoreLogic Mark Fleming commented: "While there is a consistent and sustained seasonal improvement in prices over the last three months, prices are lower than a year ago due to the decline in prices after the expiration of the tax credit." Meanwhile, the data revealed that some regions are beginning to experience a recovery in values, with New York, the District of Columbia and North Dakota among those to see an appreciation in the housing market.
Last month, real estate expert Ken Wood stated that conditions in the US property sector are ideal for international investors looking for a bargain. He went on to note that there is unlikely to be a similar opportunity in this generation.
- Friday 05 August 2011