Clear Capital has released its home price report for the 2010 calendar year. The company’s analysis shows that compared to where prices were at the end of 2009, nationally, residential properties lost 4.1 percent of their value over the last 12 months, with 70 percent of major markets reporting price declines for the year.
The California-based valuation firm is forecasting home prices nationally to fall by another 3.7 percent by the end of 2011. Dr. Alex Villacorta is Clear Capital’s senior statistician, and he says the two clear drivers of individual market results will be local unemployment rates and the prevalence of distressed homes.
“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,” Villacorta said.