Separately, LPS also noted that while home prices were on track to gaining 5-7% in 2012, overall sales volume remained low. "During the past 12 months, there have been approximately 4.1 million residential real estate sales, less than half the annualized rate at the market's peak in November 2005. Further, 1.3 million of those transactions have been distressed sales, compared to just 226,000 at the peak," the report said.
Home prices are still nearly 23 percent off their June 2006 peak, it noted.
-- Written by Shanthi Bharatwaj in New York. RELATED LINKS: