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Mon January 9, 2012
Providence real estate values on the rise
By FLO JONIC
Providence, RI – Providence posted the 9th highest increase in real estate nationwide prices last year, according to a report released this morning by Clear Capital, a real estate valuation company. However, prices remain well below their peak in 2006.
While the nation posted a two percent loss in real estate values last year, prices in the Providence/New Bedford/Fall River area rose by 2.6 percent. Dayton, Ohio led the nation at 11.5%. Atlanta, Georgia came in last of 50 markets, posting an 18 percent loss. Alex Villacorta, director of Research for Clear Capital which produced the report, says despite the increase in prices, the Providence metro area remains well below its 2006 peak and it will take years to make up the loss. "The current gap between the 2006 levels and where prices are today is 46 percent," Villacorta says. "Even if you were talking about a four percent yearly gain you're still talking about ten years or more to get to that level."
In 2012 prices are expected to creep up two-tenths of one percent nationally, while in Providence a one percent gain is projected.
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