The housing market nationally showed significant signs of recovery this spring, as overall second quarter home price appreciation registered the largest gain for the quarter since 2004.
But the Hartford metro area has yet to join the party — and isn’t likely to in the next year, a new report today shows.
Home prices in the Hartford metro area fell one percent in the second quarter, compared with the same period a year ago, according to the report from Zillow. National home prices rose 5.8 percent on the same period.
According to Zillow, home price appreciation is expected to slide another 1.2 percent in the next year, compared with a 5 percent gain for the nation.
See the Hartford metro area report here.
The declines in the Hartford metro area weren’t across the board, however. Among the 20 largest towns and cities in the Hartford metro area, 13 registered declines and 7 showed gains in the second quarter, compared with a year ago.
The largest decline — 4.5 percent — was registered in Plainville, while the largest gain — 1.1 percent — was turned in by Bloomfield, the Zillow report shows.
Half of the 20 towns and cities in the metro area have reached a bottom in price declines, with West Hartford hitting first, in the third quarter of 2011.
In Hartford County, the volume of “underwater” mortgages — in which what was owed on the property exceeded its market value, was 21.2 percent, down slightly from 22 percent a year earlier.
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