Jan. 15, 2013
/PRNewswire/ -- CoreLogic
(NYSE: CLGX), a leading provider of information, analytics and business services, today released its November CoreLogic HPI
report. Home prices nationwide, including distressed sales, increased on a year-over-year basis by 7.4 percent in
. This change represents the biggest increase since
and the ninth consecutive increase in home prices nationally on a year-over-year basis. On a month-over-month basis, including distressed sales, home prices increased by 0.3 percent in
*. The HPI analysis shows that all but six states are experiencing year-over-year price gains.
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Excluding distressed sales, home prices nationwide increased on a year-over-year basis by 6.7 percent in
. On a month-over-month basis excluding distressed sales, home prices increased 0.9 percent in
. 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 7.9 percent on a year-over-year basis from
and fall by 0.5 percent on a month-over-month basis from November 2012 reflecting a seasonal winter slowdown. Excluding distressed sales,
house prices are poised to rise 8.4 percent year-over-year from
and by 0.7 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.
"As we close out 2012 the pending index suggests prices will remain strong," said
, chief economist for CoreLogic. "Given that the recently released Qualified Mortgage rules issued by the Consumer Financial Protection Bureau are not expected to significantly restrict credit availability relative to today, the gains made in 2012 will likely be sustained into 2013."
"For the first time in almost six years, most U.S. markets experienced sustained increases in home prices in 2012," said
, president and CEO of CoreLogic. "We still have a long way to go to return to 2005-2006 levels, but all signals currently point to a progressive stabilization of the housing market and the positive trend in home price appreciation to continue into 2013."
Highlights as of November 2012:
- Including distressed sales, the five states with the highest home price appreciation were: Arizona (+20.9 percent), Nevada (+14.2 percent), Idaho (+13.8 percent), North Dakota (+11.3 percent), California (+11.1 percent).
- Including distressed sales, the five states with the lowest home price depreciation were: Delaware (-4.9 percent), Illinois (-2.2 percent), Connecticut (-0.5 percent), New Jersey (-0.5 percent) and Rhode Island (-0.3 percent).
- Excluding distressed sales, the five states with the highest home price appreciation were: Arizona (+16.5 percent), North Dakota (+12.9 percent), Nevada (+12.6 percent), Hawaii (+11.6 percent) and Idaho (+11.6 percent).
- Excluding distressed sales, this month only two states posted home price depreciation: Delaware (-3.5 percent) and Alabama (-2.2 percent).
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to November 2012) was -26.8 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -20.7 percent.
- The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-52.9 percent), Florida (-44.3 percent), Arizona (-39.8 percent), California (-35.8 percent) and Michigan (-35.4 percent).
- Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, only thirteen are showing year-over-year declines in November, seven fewer than in October.
*October data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.