Clovis Fall Home Prices: Up or Down?

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Clovis Real Estate News

September 15th, 2009

Everyone seems to be asking the same question these days, “Will Clovis home prices increase or decrease this Fall?” According to, LPS, Applied Analytics, a real-estate research firm, it depends on how many more Clovis foreclosures come onto the market. We’ll give you our take and tell what this means to Clovis home buyers and sellers.

Clovis Foreclosures

According to its website, LPS “is the nation’s leading provider of mortgage processing services, settlement services, mortgage performance analytics and default solutions.” In other words, LPS are a recongized source of information about loans and lending in America. LPSs latest report looked at the link between sales of bank-owned foreclosures (known as REO, for real-estate owned) and the rate of home price declines. In Michigan, for example, REOs accounted for 64% of sales in the first half of 2009. Home prices declined by 47% over that time, however, the decline is just 26% when REO homes are excluded. In California, 50% of all home sales were foreclosures (see chart below). As of today, there are 46 Clovis foreclosures on the market.

California foreclosure chart

Clovis Real Estate

What does all of this mean for Clovis homes for sale? If the share of Clovis foreclosures increases this Fall we’ll see even larger price declines. Keep on eye on the “46″ Clovis foreclosures and see if it creeps up or down. If what LPS says is true, continued deterioration in loans and rising foreclosures will keep Clovis home prices from appreciating. Obviously, this is bad news for Clovis sellers, but good news for Clovis buyers as prices should remain low in the near future.

You’ve likely heard a lot in the press about “signs” of a recovery and “signs” of a bottom in the real estate market. But for every positive report, there seems to be a negative report. The real estate market changes quickly. Sign up for FREE market reports below and we’ll keep you updated on the Clovis real estate market. Let us know if you have any questions.

Clovis Real Estate − "The Clovis Home Experts"

This entry was posted on Tuesday, September 15th, 2009 at 5:18 PM and is filed under Buyer Info, Current Home Values. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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