CoreLogic: HousePricesup 11.9% Year-over-yearinJune
http://feedproxy.google.com/~r/CalculatedRisk/~3/VMYMsgVk4VA/corelogic–house–prices–up-119-year–over.html
Notes: ThisCoreLogicHousePriceIndexreportisforJune. The recent Case-Shiller index release was for May. The CoreLogic HPI is a three month weighted average and is not seasonally adjusted (NSA).
From CoreLogic: CoreLogicReportsJuneHomePricesRiseby 11.9 PercentYearOverYear
Home prices nationwide, including distressed sales, increased 11.9 percent on a year-over-year basis in June 2013 compared to June 2012. This change 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.
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“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.”
Click on graph for larger image.
This graph shows the national CoreLogic HPI data since 1976. January 2000 = 100.
The index was up 1.9% in June, and is up 11.9% over the last year. This index is not seasonally adjusted, and this is usually the strongest time of the year for price increases.
The index is off 19% from the peak – and is up 20.7% from the post-bubble low set in February 2012.
The second graph is from CoreLogic. The year-over-year comparison has been positive for sixteen consecutive months suggesting house prices bottomed early in 2012 on a national basis (the bump in 2010 was related to the tax credit).
This matches the largest year-over-year increase since 2006.
This was another very strong month-to-month increase.
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