CoreLogic, a provider of information, analytics and business services, has released its Home Price Index (HPI) which shows that home prices in the U.S. increased in June, the fifth consecutive month showing a year-over-year increase. According to the CoreLogic HPI, national home prices, including distressed sales, increased by 1.4 percent in June 2010 compared to June 2009 and increased by 3.7 percent in May 2010 compared to May 2009.
The June 2.3 percentage point deceleration from May is very large by historical standards. The deceleration was most pronounced in more expensive and distressed segments of the market. Excluding distressed sales, year-over-year prices only increased by 0.2 percent in June and May's non-distressed HPI increased by 0.5 percent.
"Home price volatility and collateral risk remain very high. The stabilization phase and policy intervention since the spring of 2009 has run its course. Prices are expected to further moderately decline as the economy remains weak through the fall," said Mark Fleming, chief economist for CoreLogic.
May 2010 data was revised up from 2.9 percent to 3.7 percent. Revisions with public record data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.
Click here to view the full CoreLogic June 2010 Home Price Index (HPI).
For more information, visit www.corelogic.com.