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If you’re waiting for the market to hit bottom you may be too late


Although different sources have varying data, there is a strong case to be made that the housing market is making a steady comeback. Here are some of the stats:

According to Core Logic, a leading provider of analytics and business services, home prices nationwide (including distress sales) increased on a year-over-year basis by 2.0 percent from May 2011 to May 2012. One data point that indicates a consistent recovery is that this increase is the third consecutive month that home prices have increased from the previous year. It's also important to note this data is a fair measure by including distressed sales like short sales and bank owned homes.

In a similar sign of recovery, Realtor.com reports that the number of existing home sales, including condos and townhomes, are up 10 percent in April 2012 compared to April of 2011. This has created a balancing of the supply of listings and the number of buyers. Listings are selling more quickly and it is less of a buyer's market compared to a year ago.

The foremost thing to keep in mind is that it really depends on where you live. In some markets the inventory is so tight that sellers are seeing multiple offers and receiving at least 100 percent of their asking price. Other markets are still seeing prices fall. Here are the best and worst markets, according to Core Logic:

Top 5 states with the highest appreciation: 1. Arizona (12%) 2. Idaho (9.2%) 3. South Dakota (8.7%) 4. Montana (8.2%) 5. Michigan (7.9%)

Top 5 states with the highest depreciation: 1. Delaware (-9,0%) 2. Rhode Island (-4.4%) 3. Illinois (-4.2%) 4. Alabama (-4.1%) 5. Georgia (-4.0%)


Nathan Froelich is the CEO and co-founder of BreakthroughBroker.com. Send your feedback to Nathan at nathan@breakthroughbroker.com.