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Home prices on the rise in nation's swing states: Trulia

Real estate data provider Trulia says home prices in six out of seven presidential swing states are on the rise.

The two swing states with the largest yearly increases — Nevada and Florida — suffered dramatic price declines and high foreclosure rates during the housing crisis.

Among all the swing states, prices fell annually only in North Carolina, but by less than 1%.

Despite its high REO saturation rate, Las Vegas is shaping up to be the next Phoenix as it exhibits concentrated gains in discounted home price segments.

”The timing of the housing price rebound couldn’t be better for President Obama,” said Jed Kolko, Trulia’s chief economist. “Rising prices take pressure off the candidates to propose housing solutions before the election — and make it harder for (Republican candidate Mitt) Romney to criticize the Obama administration’s housing record."

The candidates hardly discussed housing during the debate. GOP contender Mitt Romney used the opportunity to slam President Obama on the qualified mortgage rule and the Dodd-Frank Act as a whole.

Romney expressed dismay that under the new regulatory climate, regulators have yet to clearly define a qualified mortgage two years after Dodd-Frank was established. The Consumer Financial Protection Bureau expects to have the QM rule in place by January.

In other findings, asking home prices have stabilized or risen throughout the year. If this year-to-date price trend continues, prices will ascend nearly 4% by the end of the year, ending several years of price declines, Trulia says.

Rental price gains continue to outpace home price increases in September, rising by 4.8% year-over-year. Among the largest 25 rental markets, annual rents rose the most in Houston and Miami, where they climbed more than 10%, Trulia says.

But as rental prices head upward, consumer interest in the multifamily segment might wane.

Among the large metros, rental price increases cooled the most in San Francisco to 7.2% in September from 14.5% in June.

jhilley@housingwire.com

@JustinHilley

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