REO prices have risen 5.5 percent over the last year, whereas market sales prices have fallen 2.9 percent, Clear Capital reports in its April housing data index.
Investors are snatching up REOs, fueling price gains for distressed properties. Clear Capital, which measures median price per square foot, finds that REO prices are rising at a much quicker pace than prices for non-REO sales.
“Should investor interest continue to drive the expansion of REO-to-rental programs over the next several months, there could be a significant impact on the market overall in terms of providing a rising floor to home values,” says Alex Villacorta, Clear Capital’s director of research and analytics.
The author of this article is: realtormag.realtor.org
See the original post at: http://realtormag.realtor.org/daily-news/2012/05/01/reos-get-pricier-report-shows
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