Volatile prices defined housing in 2010
January 7, 2011 - A new report shed light on the volatility of home prices last year, showing that those moving into new homes during the beginning of 2010 likely saw their home values fluctuate wildly for the rest of the year.
For instance, Clear Capital reported that during a 21-week span from late March to mid August, home prices surged by 9.7 percent. Yet that growth was followed by 19 weeks of decline, as prices dropped 9.4 percent from September to December. On the whole, prices were down 4.1 percent in 2010 from 2009, and the report expects values will drop another 3.7 percent in 2011. Its affect on homeowners will depend on where buyers end up relocating to.
The report showed that though California's economy has been turbulent over the past few years, six of the 15 markets to show the strongest price growth last year were in this state. Washington, D.C, Houston, Memphis, Honolulu and Columbus, Ohio, are projected to experience the nation's most significant growth this year.
"Some housing markets are well on their way to recovery, while others are experiencing a renewed downturn reminiscent of the housing crash only two years ago," said Alex Villacorta, senior statistician, Clear Capital.
The company predicted a more stable 2011, reinforcing a recent forecast from Fannie Mae. The mortgage giant predicted those hiring moving companies and buying homes this year will see their values increase 0.6 percent.
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