As reported by the National Association of Realtors, bank owned foreclosures have seen significant price increases and are driving the gains at the national, regional and local levels.
NAR reported that bank owned foreclosures were up 8.1 percent over a year ago and have outpaced owner occupied prices by 8.8 percentage points. These trends will help drive the home prices slightly higher as the country continues to make progress in our recovery.
Ebby Halliday had record sales for closed homes for the month of May, and I'm anticipating this upward trend will continue through the summer. The North Dallas area is showing strong recovery indications with more homes sales closing.
REO's in the Frisco area have seen sales close at an average of 97.2 percent of list price, for the first quarter of 2012. Although the inventory for Frisco is drastically reduced, it is still a good sign for owner occupied homes that home prices are improving.
With the market booming, it's a great time to sell your home!