For the third month in succession, all 20 markets surveyed posted gains. We have posted below the full table of all markets, but we reckon its more fun to use this interactive map to get a sense of where the big gains are happening.
Atlanta - current subject to a wave of buying by institutional funds - was among those at the top of the chart with a 19.1 per cent change, year on year. Of the main other markets of interest to foreign investors, Las Vegas posted a 20.6 per cent gain and Phoenix 22.5 per cent. Dallas, which is attracting interest from both funds and foreign buyers, posted a lesser gain of just 6.8 per cent on the Case-Schiller figures. The two markets that the survey includes in Florida - Tampa and Miami - both posted gains of more than 10 per cent.
The Case-Schiller figures came at the same time that CoreLogic announced the number of homes at some stage of foreclosure was 1.1 million, down from 1.5 million a year ago.
Foreclosures, though, were still running at 52,000 in April, compared to a pre-crisis monthly average of about 21,000 per month.
For the investor, we think these numbers look pretty enticing in many ways. Price rises remain strong and broad-based, and the amount of distressed inventory is decreasing. It's all relative of course - prices in the most distressed markets are rising from ultra low levels and foreclosures continue to occur at an elevated rate.
As a whole though, its perhaps safe to say this is more evidence that a bottom has been reached in most areas and the trend is towards recovery. If you are already in the market, give yourself a pat on the back as you are likely to have made some sort of theoretical gain. If you are yet to buy, don't despair - you might have missed the bottom, but by picking the right investment in the right area there's still a lot of upside.
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