Home sellers are facing less competition from foreclosures, which some credit as accounting for the rise in home prices in many markets. Foreclosure often drag home prices down. But tighter inventory will likely be the main driver of home prices this year, according to economists.
CoreLogic says that home prices are on track to post their first yearly gain since 2006.
“The foreclosure crisis has shifted east, to the judicial states, where the pipeline is slow,” says Khater. “The big driver in 2012 in prices increases [sic] was the decline in REOs, but I think the big move-down has already happened. The driving prices in 2013 will be the tighter inventory.” Read more ...
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