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Home price gains at risk in distressed markets

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Asking prices for for-sale homes nationwide have risen in the last four out of five months, but the biggest market gainers also have foreclosure backlogs putting those increases at risk, according to a monthly report from real estate search and marketing site Trulia. For this report, Trulia considered the for-sale and for-rent properties listed on its website through June 30, 2012, taking into account changes in the mix of listed homes in order to reflect trends in prices and rents for similar homes in similar neighborhoods, according to the site. For-sale asking prices rose a slight 0.3 percent on both a monthly and annual basis in June with 44 out of 100 metro areas experiencing year-over-year price increases. Excluding foreclosures, prices nationwide rose 1.7 percent compared to June 2011. Nonetheless, seven of the 10 metros to see the biggest overall price jumps, including Phoenix, Miami and Detroit, had a high share of homes in the foreclosure process, threatening that price ap...