House prices are expected to rise again as they did in April as the number of Memphis bank owned homes dropped in May.
Total foreclosure filings decreased in May to a total of 1,547, down by 12 percent from April and by 3.6 percent from May 2009. The foreclosure rate also dropped to one foreclosure for every 358 homes in the metro area.
Similarly, bank owned homes in Tennessee also dropped in number in May compared to the total in the previous month. A total of 3,892 homes were hit with filings, down by 19 percent from April. The number, however, marked a jump of 9 percent from the total in May last year. Statewide, the foreclosure rate was one for every 709 households, ranking Tennessee 26th among all the 50 states.
Compared to other metro areas, the rate of Memphis bank owned homes was the 58th highest in a chart of 200 metro housing markets.
In April, the price impact of bank owned home foreclosures in Greater Memphis weakened as the average price for all homes sold during the month climbed up to $129,306, an increase of 8 percent from the April 2009 average sales price of $119,688.
Total sales also increased to 1,336 units, up by 5 percent from the April 2009 sales of 1,271 units, based on data from the local realtor association. Sales volume increased to $172.8 million, up by 14 percent from $152.1 million in April last year. Just like in most areas of the country, April home sales increased sharply as plenty of buyers rushed to beat the tax credit deadline.
For the first four months of the year, sales volume also increased to $537.3 million, slightly higher than the $535 million posted during the same period last year. The average price also increased to $120,219, up by two percent from $117,817 during the same period last year, as the downward price pressure from Memphis bank owned homes declined.
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