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Thomas O’Grady quoted in HousingWire: California Leads Top Performing Markets

DS News has quoted CEO Thomas O’Grady in their latest article on California’s improving housing market.

“It’s hard to sustain a market turnaround when 25-50% of sales are foreclosures. When foreclosures represent a significant share of total sales and their discounted prices pull down the prices of non-distressed sales, it is known as the ‘contagion effect.’ This month, that’s what is happening in or bottom ten metros, which also happen to be in judicial states. Even though other market fundamentals are looking good, such as recent price appreciation and shrinking inventories, foreclosures are still playing a major part in holding these real estate markets back. A stable market cannot return until foreclosures play a less active role in the market.”

Click here to read the full article or click here to read our full Home Value Forecast Update.