S.A., Houston only cities to show home price increases|League City, TX 77573|Marilyn Wier 713-542-8451

S.A., Houston only cities to show home price increases

Finally, great news for sellers as well as home owners! It’s turning around and our investments are becoming investments once again and not just money pits.

It’s a great time for Houston as well as San Antonio. Both cities show significant home price increases.

These findings are part of the latest residential price index (RPI) put out by Oxford, Miss.-based real estate information technology company FNC Inc.

The proven leader in collateral management technology – 10 years and running. FNC Inc. pioneered real estate collateral information technology.

The RPI is based on information regarding home sales — including public records and real-time appraisals of properties and neighborhoods.

T

he last peak of the housing market dates back to 2007. During this time loan originations were at an all time high.

Since November 2011, Houston and San Antonio are the only two cities that have seen improvement since the last peak- reporting home price increases of 2.7 percent and 4.8 percent, respectively, according to the FNC analysis.

Looking at home prices as of Dec. 31, 2011, the Houston numbers were up 1.7 percent, compared to home prices reported at the end of December in 2010.

As for San Antonio, on a year-to-year basis, home prices were flat — which is still not bad considering that many U.S. cities continue to report price declines.

Indeed, the national numbers are less encouraging. FNC reports that home prices were down 3.5 percent at year-end 2011, compared to home prices reported at the end of December in 2010.

The underlying factor behind the price decline — the distressed market.

Distressed homes, FNC reports, continue to make up a large part of the country’s residential sales.

Given that these properties usually go at very deep discounts, this market has succeeded in putting downward pressure on underlying property values for the larger housing sector.

*San Antonio Business Journal by Tricia Lynn Silva

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