U.S. home prices increased by a slight 3 percent on a quarter-over-quarter basis during the three months ending Nov. 30, Clear Capital reported.
The trend was different in the West, however, where housing prices fell 0.8 percent during the past three months. Markets with high-levels of foreclosed homes, such as the Inland Empire, were not subject to the same kind of price stability that Clear Capital observed elsewhere.
In the Inland Empire, home prices fell 2 percent during the past quarter. Roughly 42 percent of homes on the market in the San Bernardino-Riverside-Ontario area were foreclosures.
In Greater Los Angeles, home prices fell 1.7 percent during the past closure. The area’s foreclosure had a foreclosure saturation of 28 percent.
Clear Capital’s offices are in Truckee.