U.S. housing market recovery strong in New York, Florida
Posted on Monday, August 26, 2013 at 12:05:32 PM
Home prices are rising across the U.S., and several regions are leading the pack in an effort to continue the housing recovery.
New York, Florida and California are among the strongest recovery locations, according to recent data from RealtyTrac, which compiled information designed to accurately represent improvements to the sector.
The Housing Market Recovery Index was created to illustrate the best markets for real estate growth, and factors in unemployment, foreclosures and home price changes, among others.
Residential financing may have helped homeowners sustain the segment, and Rochester, N.Y. took the top spot in RealtyTrac's 20 best markets.
"The U.S. housing market has clearly shifted to recovery mode over the past 18 months, with home prices consistently rising and foreclosures falling closer to pre-housing bubble levels," said Daren Blomquist, vice president at RealtyTrac.
He added that negative symptoms are still present, especially when considering distressed home sales. In addition to New York, Florida and California metro areas performed especially well. The worst location was Baltimore.
Home prices play a part, and they were up 8.4 percent year-over-year in June, according to Lender Processing Services Home Price Index. California and Florida reported some of the largest price gains, trailing only Nevada.
Stockton, Calif. and Las Vegas were the strongest metro regions, LPS noted.
Affordable residential financing could help many buyers in those markets potentially maintain the housing recovery.