Augusta Home Prices Lagging
According to The Augusta Chronicle, RealtyTrac, a company that compiles monthly foreclosure information, has begun rating markets across the United States based on a Housing Market Recovery Index. This index takes into consideration factors like underwater loans, foreclosures, unemployment rate, distressed sales, and changes in home price. The average index rate for the nation is 100 with Augusta sitting at 102.
Augusta is performing well in many areas. There are fewer home loans underwater and foreclosures are down 70 percent from the peak of the housing recession. There are also fewer investment sales, meaning that most homes that are sold are immediately moved into and lived in by the buyers rather than rented out by investors.
Areas where Augusta is falling behind include home price recovery and distressed sales. Prices have only recovered about 13 percent from the bottom of the recession and distressed sales still represent 27 percent of all home sales. All of this is on top of an uncomfortable 9.1 percent unemployment rate.
Nationally, median home prices are increasing and foreclosures are past peak in major metro areas, according to The Augusta Chronicle.
– Kelly Ann Blanchard