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Short sales in Charlotte slow down home appreciation values

If you're living in Charlotte and have been interested in short sales or home-price gains, the latest CoreLogic report may not be satisfactory. According to a June 4 report, the area of Charlotte has been trailing the nation in terms of home-price gains. The latest update from the CoreLogic Home Price Index has shown that the Charlotte market had home prices up 6.9 percent in April 2014 as compared to April 2013, but for some, that may not seem like enough.

According to the news, home prices have gone up only 1.1 percent since March 2014 through April 2014. That research included the Charlotte-Gastonia-Rock Hill metro area, according to CoreLogic, Inc., but when distressed home sales, including short sales, were included, the home prices were marked as only being up 6 percent as compared to a year ago, instead of 6.9. That also showed that the price of a home has only increased by .9 percent, not the 1.1 percent that has been noted with short sales included.

While there is some improvement in the area, the problem is that Charlotte is still far behind the national average. April's nationwide increase was reportedly 10.5 percent with the distressed short sales included. Without short sales, the increase was marked at 8.3 percent, 2.3 percent higher than that of the Charlotte area. Despite this, April 2014 marked the 26th consecutive month of price gains in the U.S. highlighting the growth and recovery of the economy. The previous price gains were the smallest since February 2013, though, and home price gains have continued to slow in March and April.

What all this means is that the price of homes is slowing as far as price appreciation is concerned. As time moves on, though, whether you're in South Carolina, North Carolina, or elsewhere in the country, prices are likely to improve, according to the president of CoreLogic. That may be good news if you're interested in buying or selling your home.

Source: Charlotte Business Journal, "Charlotte area's home-price gains trailed nation in April, CoreLogic report shows" Jen Wilson, Jun. 04, 2014

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