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Midwest hit hard by real estate slump

The Midwest has been hit the hardest by the real estate crisis, according to recently released figures.

The Midwest has been hit the hardest by the real estate crisis, according to recently released figures.

Clear Capital recently released its Home Data Index Market report with data through the end of January, which revealed the Midwest was hit the hardest in a year-over-year decline in home prices of 2.6 percent.

The data for Midwest home prices show a quarter-over-quarter decline of 1.6 percent, leading the nation in quarterly losses.

“Looking at the latest data through January, home prices remained relatively unchanged with the exception of the Midwest,” said Dr. Alex Villacorta, director of research and analytics at Clear Capital. “Although prices at the national level continue to slide due to pressure from the Midwest, the lower-priced segments of several specific markets are bucking the trend and seeing appreciation, suggesting that recoveries could be occurring from the bottom up. When we look at the strength in the bottom tier of prices, the volatility within the metro markets, the rapid changes in direction with certain regions, and relative stability in others, these factors underscore the economic and market fragility that remains a dark cloud over housing prices.”

Other regions reported figures that were largely unchanged, while micro-markets showed high degrees of variability and softening.

The National Association of Home Builders recently announced the list of improving housing markets expanded to nearly 100, showing further signs of recovery for Americans who are in hopes of packing up soon and moving into new homes.