Posted on May - 01 - 2010
New report provides evidence of recovering housing market in Memphis
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House prices in the Memphis area seem likely to have bottomed out, according to a company that assesses the risk of house prices falling in the future.
The Memphis metropolitan area showed the nation’s third best improvement in the risk of falling prices, according to PMI Insurance Co.
In the fourth quarter, the firm reported there was a 16 percent risk that prices of Memphis-area houses would fall within two years. That’s a 41 percent improvement from the third quarter, when Memphis houses showed a 28 percent risk, the study shows.
Nationally, the report shows new evidence of a recovering housing market.
Of the nation’s 384 metropolitan areas, 356 had a declining risk score.
Factors for the improvement include increasing affordability, improving mortgage credit quality, declining foreclosure rates, and a drop in houses on the market.
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