CoreLogic has released its February Home Price Index (HPI) report, showing that, excluding distressed sales, month-over-month prices increased 0.7 percent in February from January. The CoreLogic HPI also showed that year-over-year prices declined by 0.8 percent in February 2012 compared to February 2011. Distressed sales include short sales and real estate-owned (REO) transactions. The report also shows national home prices, including distressed sales, declined on a year-over-year basis by two percent in February 2012 and by 0.8 percent compared to January 2012, the seventh consecutive monthly decline.
“House prices, based on data through February, continue to decline, but at a decreasing rate. The deceleration in the pace of decline is a first step toward ultimately growing again,” said Mark Fleming, chief economist for CoreLogic. “Excluding distressed sales, we already see modest price appreciation month over month in January and February.”
“The continued strength of sales activity and tightening inventories in many markets are early and hopeful signs that prices will continue to stabilize and improve in the coming months. In fact, non-distressed home sale prices, which represent two-thirds of all sales, have appreciated by just over one percent since the beginning of the year,” said Anand Nallathambi, president and CEO of CoreLogic.
Highlights as of CoreLogic's February 2012 HPI report:
►Including distressed sales, the five states with the highest appreciation were: West Virginia (+8.6 percent), Michigan (+5.8 percent), Florida (+4.7 percent), Arizona (+4.5 percent) and South Dakota (+4.1 percent).
►Including distressed sales, the five states with the greatest depreciation were: Delaware (-11.2 percent), Connecticut (-7.9 percent), Rhode Island (-7.8 percent), Illinois (-7.1 percent) and Georgia (-6.6 percent).
►Excluding distressed sales, the five states with the highest appreciation were: South Dakota (+5.9 percent), West Virginia (+5.6 percent), Maine (+4.5 percent), Utah (+3.7 percent) and Montana (+3.6 percent).
►Excluding distressed sales, the five states with the greatest depreciation were: Delaware (-8.7 percent), Connecticut (-4.9 percent), Nevada (-4.6 percent), Vermont (-4.0 percent) and Minnesota (-3.3 percent).
►Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to February 2012) was -34.4 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -24.6 percent.
►The five states with the largest peak-to-current declines including distressed transactions are Nevada (-60.2 percent), Arizona (-49.8 percent), Florida (-48.6 percent), Michigan (-44.0 percent) and California (-43.7 percent).
►Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 67 are showing year-over-year declines in February, nine fewer than in January.
