California Home Prices Continue To Climb
Tuesday, July 2, 2013
Aired 7/2/13 on KPBS News.
A new report finds California home prices have increased by three-percent since April and about six-times that amount since June of last year.
The data from research firm Clear Capital show double-digit increases in California home values over the past year.
"We have that rate of growth at 19.5-percent. And our projection is for the rest of the year actually forecast for things to continue going up albeit at a much more moderated pace," said Alex Villacorta with Clear Capital. "Moderated pace," Villacorta explained, means about a six-percent increase through the end of 2013.
He said one major factor driving up home values continues to be the shrinking inventory of bank-owned homes, currently at 15.4-percent.
"For historical context, during the height of the downturn that rate reached as high as about 38-percent - so still less than half of where it was back in the crash days," Villacorta explained.
Prices are still down about 40-percent from where they were at the peak of the housing boom circa 2006.
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