DISTRESSED PROPERTIES MAKE THE DIFFERENCE IN MEDIAN HOMES PRICES!

762-royalty-free-content.jpgWell, it certainly looks like when it comes to price increases comparing Cape May and Cumberland counties.

According to FHFA- Federal Housing Finance Agency- and Core Logic — home prices increased in Cape May and Cumberland counties by 6.4 percent in October 2013 while Atlantic County only saw an increase of 1.9% and 1.6%, respectively. CoreLogic however does include data on the sale of distressed properties. Cash buyers weren’t figured into the figures for FHFA but CoreLogic does use these sales for their figures.

Median home prices in Cumberland and Cape May counties were not necessarily affected as much as Atlantic County. Also consider delays that were court ordered didn’t allow banks to process foreclosures which lead to the second wave of distressed properties hitting the market. Since these properties were not well maintained and vacant, the median price was impacted. This also contributed to the reduced demand for middle to high market homes by a third.

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