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U.S. Home Prices See Near 12 Percent Year-Over-Year Gain in June

NationalMortgageProfessional.com
Aug 06, 2013

CoreLogic has released its June CoreLogic Home Price Index (HPI) report. Home prices nationwide, including distressed sales, increased 11.9 percent on a year-over-year basis in June 2013 compared to June 2012, a change that represents the 16th consecutive monthly increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 1.9 percent in June 2013 compared to May 2013. Excluding distressed sales, home prices increased on a year-over-year basis by 11 percent in June 2013 compared to June 2012. On a month-over-month basis, excluding distressed sales, home prices increased 1.8 percent in June 2013 compared to May 2013. Distressed sales include short sales and real estate-owned (REO) transactions. The CoreLogic Pending HPI indicates that July 2013 home prices, including distressed sales, are expected to rise by 12.5 percent on a year-over-year basis from July 2012 and rise by 1.8 percent on a month-over-month basis from June 2013. Excluding distressed sales, July 2013 home prices are poised to rise 11.4 percent year over year from July 2012 and by 1.3 percent month over month from June 2013. The CoreLogic Pending HPI is a proprietary and exclusive metric that provides the most current indication of trends in home prices. It is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month. “In the first six months of 2013, the U.S. housing market appreciated a remarkable 10 percent,” said Dr. Mark Fleming, chief economist for CoreLogic. “This trend in home price gains is moving at the fastest pace since 1977.” “The U.S. housing market experienced robust price appreciation during the first half of 2013 and our forecast calls for double-digit growth through July,” said Anand Nallathambi, president and CEO of CoreLogic. “Despite their rebound of late, home prices remain reasonable in a historical context, with most states near peak affordability levels.” Highlights as of June 2013: ►Including distressed sales, the five states with the highest home price appreciation were: Nevada (+26.5 percent), California (+21.4 percent), Wyoming (+16.7 percent), Arizona (+16.2 percent) and Georgia (+14.3 percent). ►Including distressed sales, this month only two states posted home price depreciation: Mississippi (-2.1 percent) and Delaware (-1.1 percent). ►Excluding distressed sales, the five states with the highest home price appreciation were: Nevada (+23.6 percent), California (+18.7 percent), Arizona (+14.1 percent), Utah (+13.8 percent) and Florida (+12.7 percent). ►Excluding distressed sales, no states posted home price depreciation in June. ►Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to June 2013) was -19 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -14 percent. ►The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-44.3 percent), Florida (-38.6 percent), Arizona (-33.9 percent), Rhode Island (-31.7 percent), and Michigan (-31.1 percent). ►Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 99 were showing year-over-year increases in June, up from 98 in May 2013.
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