The housing recovery is well under way, according to the latest and best indicator of house prices. And it's more widespread than ever.

Prices on a per-square-foot basis are up in 86 of the nation's 109 most-active "core-based statistical areas," according to data collected as of Nov. 1 by Pro Teck Valuation Services of Waltham, Mass.

Uncle Sam defines a CBSA as a geographic "micropolitan" area of at least 10,000 people who are tied to an urban center by commuting. In nearly a fifth of the nation's CBSAs, prices are absolutely booming, rising by double digits.

Year over year, the median price of a house in the Phoenix-Mesa-Glendale market in Arizona was up a whopping 35.82 percent per square foot as of Nov. 1. At the same time, the median in Cape Coral-Fort Myers, Fla., was up 25.11 percent per square foot. And it was up 22.3 percent in Tucson, Ariz.

Price per square foot is a better standard on which to judge the trajectory of housing prices because it adjusts for product mix. Other measures are influenced by the number of sales. And too many deals in one price bracket or another can produce a false reading.

For example, if there are an inordinate number of high-end sales during the period studied, the average price of all the houses sold -- or even the median -- will appear much higher than it really is. An unusually large number of sales at the low end will produce a figure that is too low.

But the median square-foot price tends to even things out. By "normalizing" for swings in the type and size of houses sold, it represents a truer picture of the market.

Pro Teck's figures also are more current and detailed than any of the other indexes you might hear or read about. Whereas the others are often three months old -- and some may be an ancient six months late -- Pro Teck's figures are updated at least daily from 850 multiple listing services nationwide. And because the sources of the data are so widespread, the Massachusetts company's figures are more detailed, drilling down, down, down to the ZIP code and even neighborhood level, where they are most helpful.

National numbers are great for headlines, but they don't tell buyers and sellers what's going on where they live. Even on a square-foot basis, national numbers are all but meaningless.

For example, the mythical cost per square foot nationally is $90. That's an increase of 4.5 percent, from $84 as of Nov. 1, 2011. But that means little. After all, who lives in Nationally, USA?

Isn't it better to know that in the last year, the median price of houses in the North Port-Bradenton-Sarasota portion of southwest Florida where you reside -- or want to reside -- rose 10.4 percent per square foot? Armed with that kind of information, you'd know that if you wanted to buy a 3,000-square-foot house in Sarasota, you could expect to pay roughly $3,000 more.

Southwest Florida is just one of 20 CBSAs where prices have increased by double digits in the last year. Many of those were hit hardest during the downturn. Now they are recovering at a rather fast clip, probably because most of the foreclosures have been lapped up by bargain hunters and investors.

Whether they continue to do well will depend on two things: when would-be sellers decide that prices have risen enough for them to actually put their homes on the market, thereby relieving some of the pressure on supply, and whether there is an abundance of still-to-be-foreclosed houses, the so-called shadow inventory, waiting in the wings.

For the most part, increases in per-square-foot prices tend to correlate well with median prices. But not always.

In the Detroit-Livonia-Dearborn, Mich., CBSA, for example, the median price per square foot was up 16.85 percent from Nov. 1 a year ago. The median price of houses sold in the Detroit market during the same period was up 16.58 percent.

But in the Bethesda-Rockville-Frederick CBSA in Maryland just outside of Washington, D.C., the median price of homes sold was up 4.74 percent, whereas the median price per square foot was up 12.44 percent, an almost threefold difference.

Some of the more noteworthy gains in the last year include the Las Vegas-Paradise CBSA in Nevada, where the median price per square foot is up 10.76 percent, from $67 to $75. In West Palm Beach-Boca Raton-Boynton Beach, Fla., the median rose 13.5 percent per square foot, from $95 to $108.

The price trend in the Boston area, on the other hand, has remained essentially flat over the last 12 months. In the Boston-Quincy CBSA, the square foot price did not move from $189. In the Peabody and Springfield CBSAs, it dipped $1, from $182 to $181 and $126 to $125, respectively. And in Worcester, Mass., it was down $3, from $132 to $129.

Nationally, the most expensive houses are in the San Francisco-San Mateo-Redwood City CBSA, where the median price per square foot is $472, up 8.15 percent from $437 a year ago. But another Northern California CBSA -- San Jose-Sunnyvale-Santa Clara -- isn't far behind at $457 a foot, a 19.65 percent jump from $382.

At the other end of the price spectrum, the least expensive market of the 109 most active is the Detroit CBSA, where the median price per foot is a mere $51. The next cheapest CBSA is Palm Bay-Melbourne-Titusville, Fla., at $56 a square foot.

Top 10 Price Gains (median price per square foot)

Nov. 1, 2011 Nov. 1, 2012 Percentage change

Phoenix-Mesa-Glendale AZ $65 $88 35.82

Cape Coral-Fort Myers FL 58 73 25.11

Tucson AZ 75 91 22.3

San Jose-Sunnyvale-Santa Clara CA 382 457 19.65

Boise City-Nampa ID 72 84 17.18

Detroit-Livonia-Dearborn MI 44 51 16.85

Oakland-Fremont-Hayward CA 214 249 16.18

Warren-Troy-Farmington Hills MI 69 79 13.57

West Palm Beach-Boca Raton-Boynton Beach FL 95 108 13.7

Fayetteville-Springdale-Rogers AR 69 78 13.22

Source: Pro Teck Valuation Services

The typical real estate sales contract includes not just a price and a closing date but also a number of clauses, any of which can trip up the buyer or seller and scuttle the deal.

While contract language may vary from one place to another -- not just state to state but also county to county, and sometimes even from one company to another -- here's a quick rundown of some clauses or "conditions" that are likely to cause the most trouble:

-- Financing. Perhaps the most common contract condition makes the transaction contingent on the buyer obtaining either a mortgage or a written commitment in the amount required to complete the purchase within a certain time frame.

Each part of this clause is important, obviously. But according to real estate professionals, the timing aspect can be the most troublesome. The sooner the buyer can complete this condition, the better. If the deadline passes without a loan approval, the seller has the right to cancel the contract.

"Since financing contingencies can be complex and vary widely, they require strict attention to all timelines involved," advises Sam DeBord of Coldwell Banker Danforth in Seattle.

But buyers beware of using this clause to get out of the deal. You could find yourself in default if you fail to follow through on what you agreed to.

In Virginia, making a substantive change -- seeking a loan that far exceeds the amount specified in the contract, for example, or being unable to find a rate that's lower than what's stated in the contract -- may put your earnest money deposit in danger. In Minnesota, if your financing falls through after you have satisfied the financing contingency, the seller can keep all the earnest money as damages.

On the other hand, Florida contracts are "very one-sided" in favor of buyers, reports Liane Jamason of Smith & Associates in Tampa. Twice in recent weeks, Jamason had to deal with upset sellers who mistakenly thought they were entitled to their buyers' deposits when their financing fell apart after months of waiting to close.

-- Closing costs. A poorly worded clause here can cost the buyer or seller a lot of money, depending on how it's written.

Often, the agent writes in the contract that the seller will pay X amount toward the buyer's closing costs at settlement, when what the buyer really wants is that X amount be paid toward closing costs, points, prepaid items, lender allowed costs, warranties, administrative costs and fees.

"Closing costs are really only those associated with closing the transaction and may be far less than the entire list of financing charges," explains Jim Mellen of RE/MAX Peninsula in Williamsburg, Va. "A buyer who shows up at the table planning to have $6,000 paid on his behalf will be awfully angry if he gets only $1,200 of his fees paid."

Another possible issue is how the closing cost contribution is stipulated. If it is given as a portion of the selling price, say $300,000, a 3 percent contribution could cost the seller $9,000. But if it is written as a part of the financed amount, say $240,000, the seller would be on the hook for just $7,200.

Make a mistake, and there are no do-overs. "The written word on a contract will trump intentions all day long," Mellen says.

-- Disclosures. The different property disclosure clauses are "some of the more difficult to navigate," says Ralph Harbison of RE/MAX Realty Brokers in Birmingham, Ala. Buyers tend to want "yes" or "no" disclosures, but sellers prefer something that says they are not aware of any issues. And that leaves buyers to wonder what's wrong with the place.

Writing certain inspection clauses -- termite, radon, mold, lead-based paint, home -- into the contract should go a long way toward removing the buyer's anxiety, but only if the buyer adheres to the contract's timelines.

In Florida, for example, the buyer typically has 10 days in which to obtain and review a home inspection. The buyer can cancel the contract during this period by providing a written notice to the seller, or he can ask for an extension. But issues arise when the buyer tries to negotiate repair credits or actual repairs and the inspection period expires.

"If the repair issues cannot be resolved during the initial inspection period, the buyer must execute the cancellation or extension," says Blair Damson of Coldwell Banker in Coral Springs, Fla.

In the Philadelphia area, as long as the buyer adheres to the time limit, he only has to notify the seller that he does not wish to proceed to get back his earnest money deposit. But Linda Williams, an attorney/agent with Sage Realty in Wayne, Pa., goes a step further by making sure the deposit is not payable to the seller until after the inspection period ends.

In Warren County, N.Y., broker Mark Bergman, president-elect of the local multiple listing service, writes inspection clauses with specific repair cost limitation "to prevent frivolous renegotiation."

-- Dates. One more thing about timelines: Be explicit. Contract language should be clearly spelled out in either calendar days or banking days, says Magda Robles of Keller Williams Properties in Weston, Fla. "Number of days is not good enough," she says. "Specify the specific month, day and year.

-- "As is." This clause can be a double-edged sword, says David Welch, a broker in Orlando, Fla. While the seller is not obligated to make any repairs found necessary during an independent home inspection under the as-is clause, the buyer can cancel for any reason if he does not like what the exam has revealed.

-- Short sales. Buyers need to be leery when a "seller" in a short sale commits to paying closing costs. The bank is the seller, not the occupant, warns Christy Walker of RE/MAX Signature in Phoenix. As such, the bank has every right to renegotiate the fees or refuse to pay them at all.

Do you know the difference between credit rescoring and credit repair?

Apparently, some lenders don't. As a result, they are refusing to fund mortgages they otherwise would approve.

At the same time, some title companies are starting to play hardball with borrowers who have recently undertaken home improvement projects. Even if the work is relatively minor, and even if it has been completed, the companies are refusing to issue title insurance policies, effectively stopping refinancings in their tracks.

For as long as Richard Temme of Woodland Hills Mortgage in Woodland Hills, Calif., can remember, title companies would write policies on properties with recent or ongoing construction as long as the borrower agreed to indemnify the company against mechanic's liens. But lately, the Southern California mortgage broker reports, title firms have become much more cautious.

The typical indemnification holds the title company harmless from any liabilities, losses, damages, expenses or charges the company may incur because of mechanic's lien disputes between the borrower and the contractor. Borrowers also usually agree to defend any action based on a lien and do all the things necessary or appropriate to clear the lien from the title.

But in an increasing number of cases, that is not enough, says Temme. "We've seen title companies declining to issue on many more loans" than in the past, he says. As a result, "even minor home improvement projects, recent or unfinished, can hold up or kill a loan."

This may be a California phenomenon, for the laws are different in different states. But in the Golden State, contractors, subcontractors and suppliers can file liens retroactively to the day they started their work or furnished materials.

If that date of the lien is prior to the day the mortgage is closed, the lien, not the mortgage, is in the first position. As a result, some title agencies are not writing policies unless the borrower can put a much higher level of net worth behind the indemnification, says Temme. And some are not accepting any indemnification at all.

Meanwhile, otherwise good loans are being rejected by lenders that confuse rescoring with credit repair. They are not the same.

Credit repair is often a scam. In fact, attorneys at the Federal Trade Commission say they've never seen a legitimate operation that offers to erase bad credit; create a new credit identity on your behalf; or remove bankruptcies, judgments, liens or bad loans from your record. If the bad information in your file is correct, there is nothing that can be done to remove it, at least not legally.

No wonder lenders want nothing to do with applicants who have paid someone to clear accurate data from their records. If you have bad credit, after all, you are probably a bad risk.

Rescoring, on the other hand, corrects errors in your file, which may result in an increase to your all-important credit score.

Whereas credit repair firms are not legitimate, the 70-odd companies that provide rescoring are credit reporting agencies that work with the national credit repositories -- Equifax, TransUnion and Experian. As resellers of credit information contained within the three repositories, they not only provide the majority of all credit reports but also have a legal obligation to you and your creditors.

Moreover, according to Terry Clemans of the National Credit Reporting Association, rescoring is a program developed in conjunction with and processed through the big three. Indeed, each repository maintains a special rescoring department that deals directly with resellers.

When a credit file is rescored, it is checked twice for accuracy, first by the reseller and again by the national repository. It is, says Clemans, "one of the safest transactions for any creditor because everything is double-verified."

If a change is warranted -- say, a trade line was reported incorrectly, or the damaging information is not yours at all but someone's with a similar name -- the miscue is corrected at the repository level and a new credit report and credit score are issued.

If you believe data in your credit file is incorrect, you can have it removed on your own if you have the time and patience. It can take anywhere from 30 to 45 days. But if you are in a hurry, you can pay a reseller to do it for you, usually within 24 to 72 hours, says Clemans. The cost ranges from $50 to a few hundred bucks, depending on how complex the problem or problems.

Rescoring has been a popular service for seven or eight years, according to Clemans, and he thinks some lenders are so worried about bad risks that they are "confusing" credit rescoring with credit repair. He calls it a "knee-jerk reaction after all the pain" resulting from the mortgage meltdown.

"I have heard from lenders that ... are claiming they are trying to protect themselves from consumers 'gaming' the system for better rates," he says.

But as the NCRA executive sees it, lenders that object to rescoring are basically telling a consumer seeking a quick resolution of incorrect data that they can't have it corrected for that particular loan application. As a result, he wonders whether it is lenders who are gaming the system in an effort to force borrowers into higher interest rates.

Whether or not that's true, there's little would-be borrowers can do besides take their business elsewhere -- or sue the lender under the Fair Credit Reporting Act.

As far as mechanic's liens are concerned, Temme, the California mortgage broker, is telling his refinancing customers to advise the title company in writing of any construction or rehab projects on the property. Otherwise, he says, if a lien is filed, the title company may sue for the amount it has to pay the lender to pay off the lien.

And tell the title firm early. Even if the company will accept an indemnification, the process can take weeks, he says, noting that loans can be lost during that period.