The price recovery continued to gain momentum in the 1st quarter of 2013. The strongest gains relative to the same time period in 2012 were concentrated in the sand states as well as the industrial Midwest, both of which were hit hard during the housing bust or recession.
With the notable exception of Akron, the majority of metro areas in the top five are or were until recently in states that have a non-judicial foreclosure process. Note the absence of any markets in Florida from the top five and the abundance of markets in judicial states in the bottom five.
The slow judicial process has held many foreclosures in process, which are only now hitting the market and weighing on price growth.
Ken Fears is the Manager of Regional Economics and Housing Finance Policy. He focuses on regional and local market trends found in the Local Market Reports and the Market Watch Reports . He also writes on developments in the mortgage industry and foreclosures.