City still short on price gains

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Charlotte real estate has yet to see sustained price gains and a .2 percent price drop is expected for the final two quarters of 2013, according to Clear Capital’s July Market Report.

But losses are subsiding, according to Clear Capital spokesman Alanna Harter.

“The (Charlotte) market consistently exhibits volatility in its price trends, in part due to median price points lower than the national median price and in part to underlying volatility in its REO saturation rate,” she said. REO property is real estate owned by a lender after an unsuccessful sale at a foreclosure auction.

Charlotte’s current REO saturation rate is 21.7 percent.

Charlotte had a .3 percent drop in prices compared to the previous quarter and a drop of 1.8 percent compared to last year.

While Clear Capital acknowledges that Charlotte’s median prices are up over the last quarter, the market routinely sees seasonal bumps in prices which have yet to be proven sustainable, Harter said.

Clear Capital is a major provider of data for real estate asset valuation and collateral risk assessment.

In its most recent report it identifies Bakersfield, CA., as having the largest projected gains through the last half of the year. It expects Las Vegas to lead metros with total 2012 price growth.