Home prices down in Houston thanks to distressed properties

Due in part to the increased number of distressed estates being sold during the month, home prices for Houston properties during April declined year-over-year.

Overall, home prices were down 3.37 percent from April 2010 to April 2011, according to the most recent data compiled by CoreLogic. When distressed properties are subtracted from the region's equation, home prices actually increased by 6.43 percent year-over-year.

Month-over-month, home prices, including distressed properties, were down from March to April for Houston real estate. In March, home prices also declined, falling 2.54 percent from March 2010 to March 2011.

The increased number of distressed sales in Houston was interesting, as the region had reported fewer foreclosures in April recently, according to RealtyTrac. Overall, 2,810 properties were seized by banks, representing a ratio of 1 to 807 distressed-to-non-distressed homes in Houston. In April 2010, 3,848 homes were foreclosed, by comparison.

Nationally, home prices have experienced continued declines. A recent report from the Joint Center for Housing Studies of Harvard University explained that the low-end sector of homes nationally were affected the most by recession. This has led to lower prices and a lower national median.

Courtesy of 2M Realty News