NEW YORK ( TheStreet) -- U.S. home prices rose 8.4% year-over-year in June, according to a report from Lender Processing Services (LPS).
Month-over-month, home prices rose 1.2%.
Nevada led the states, with home prices rising 2.4% from May. Year-over-year, prices in the state are up 27%.
Nineteen of the top four metros measured by the index posted a double-digit increase on an annual basis, led by Las Vegas (up 27%), San Francisco and Sacramento (up 23.9%).The LPS Home Price Index is just 15% below its June 2006 peak. The LPS report precedes the S&P Case-Shiller Index that will be released on Tuesday. The LPS report is based on closings in June and represents the prices of non-distressed sales by taking into account the discounts of foreclosures and short sales. According to LPS, the index covers 89% of single-family residential properties in the U.S. The S&P Case Shiller report for June is based on a three-month moving average -- April, May and June-- is seasonally adjusted and does not account for the impact of distressed sales. Although the indices have continued to report a strong recovery in home prices, sales activity appears to have moderated in recent months, as rising rates appears to have given buyers reason to pause. Sales of new homes plunged 13.4% in July from June. In a "First look" report to be released after market hours Monday, LPS also notes that the mortgage delinquency rate continues to decline, although it had a "seasonal" spike in June. The percentage of loans 30 days or more past due but not in foreclosure fell 4% month-over-month and 9% year-over-year to 6.41% in July. The percentage of loans in some stage of foreclosure dropped 31% year-over-year to 2.82%, the lowest rate since February 2009. In total, the number of properties that are either in default or in foreclosure totaled 4.59 million at the end of July. -- Written by Shanthi Bharatwaj in New York. >Contact by Email. Follow @shavenk
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV