Dec. 4, 2012
/PRNewswire/ -- CoreLogic
(NYSE: CLGX), a leading provider of information, analytics and business services, today released its October CoreLogic HPI
report. Home prices nationwide, including distressed sales, increased on a year-over-year basis by 6.3 percent in
. This change represents the biggest increase since
and the eighth consecutive increase in home prices nationally on a year-over-year basis. On a month-over-month basis, including distressed sales, home prices decreased by 0.2 percent in
*. Decreases in month-over-month home prices are expected as the housing market enters the offseason. The HPI analysis from CoreLogic shows that all but five states are experiencing year-over-year price gains.
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Excluding distressed sales, home prices nationwide also increased on a year-over-year basis by 5.8 percent in
. On a month-over-month basis excluding distressed sales, home prices increased 0.5 percent in
, the eighth consecutive month-over-month increase. Distressed sales include short sales and real estate owned (REO) transactions.
The CoreLogic Pending HPI indicates that
home prices, including distressed sales, are expected to rise by 7.1 percent on a year-over-year basis from
and fall by 0.3 percent on a month-over-month basis from
as sales exhibit a seasonal slowdown going into the winter. Excluding distressed sales,
house prices are poised to rise 7.4 percent year-over-year from
and by 0.5 percent month-over-month from
. 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.
"The housing recovery that started earlier in 2012 continues to gain momentum," said
, chief economist for CoreLogic. "The recovery is geographically broad-based with almost all markets experiencing some appreciation. Sand and energy states continue to experience the most robust appreciation and some judicial foreclosure states are even recording increasing prices."
"We are seeing an ongoing strengthening of the residential housing market," said
, president and CEO of CoreLogic. "Reduced inventories and improving buyer demand are contributing to stability and growth in home prices which is essential to the long term health of the housing market and the broader economy."