We’ve talked a bunch about how the foreclosures, short sales and bank owned homes on the market have hurt home prices, but guess what? It is the pricing of the foreclosures that is driving prices up across the board.
Significant price increases in bank-owned foreclosures are driving gains at the national, regional and local levels, helping home prices turn the corner with small quarterly and yearly gains. National average prices for bank-owned foreclosures (REO) were up 8.1 percent over a year ago.
Looks like we are still heading in the right direction.