The chief Economist for Trulia, Jed Kolko, wrote yesterday (November 14th) that the List Price of homes is continuing to rise in many parts of the country including virtually the entire Western Region … for the entire article just click on the map below.
It should be noted that many of the communities where properties are now appreciating are the same ones that were hardest hit by the housing downturn. The map below shows the rate of increase (or decrease) year over year for each state. Some of those states that still show decreasing prices are those that have both high foreclosure rates and a very long process for completing those foreclosures (sometimes over 2 years even when there is little resistance by the homeowner) whereas states like California are seeing significantly fewer properties being foreclosed on and a dramatic (49%) decrease in the number of new defaults being filed. Fingers crossed that the light at the end of the tunnel no longer appears to be a freight train :).