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Nine States Set New Price Peaks in 2013
CoreLogic's Home Price Index (HPI)
posted its 21st consecutive annual gain in November. The company said U.S. home prices, including
distressed sales were up 11.8 percent in November 2013 compared to one year
earlier. When distressed sales are
excluded the HPI was up 10.4 percent year-over-year. The index including distressed sales rose 0.1
percent from October to November and 0.3 percent excluding those sales.
The states with the strongest
year-over-year price performance are Nevada where the annual gain was 25.3 percent,
California (21.3 percent), Michigan at 14.4 percent, and Arizona and Georgia at
13.5 and 13.3 percent respectively.
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Arkansas was the only state to experience
an annual drop in values in November, declining 1.1 percent. Only small gains were posted in New Mexico
(+0.3 percent), Mississippi (+0.7 percent), Kentucky (+0.8 percent) and Vermont
Despite the double digit annual gains,
prices nationwide remain 17.6 percent below the peak levels set in April
2006. When distressed sales, including
both short sales and sales of bank owned real estate (REO) are excluded, the
index is down 13.3 percent from the peak.
Twenty-one 21 states and the District of
Columbia have climbed back to 10 percent or less of their peak value and nine
of these (Colorado, the District, Iowa, North Dakota, Oklahoma, South Dakota,
Texas, Vermont, and Wyoming) have established new price peaks this year Other states still have a long way to
go. The five still furthest off of their
peak values are Nevada which, despite a strong recovery is still down 40.5
percent, Florida, down 37.3 percent; Arizona (-31.4 percent), Rhode Island (-29.4
percent), and Illinois (-24.5 percent.)
CoreLogic projects an annual increase in
its index including distressed sales of 11.5 percent in December and 10.6
percent for the index which excludes those sales. Month-over-month both of the HPIs are
expected to dip 0.1 percent in December.
Mark Fleming, chief economist for
CoreLogic said, "The housing market paused as expected in November for the
holiday season with very low month-over-month appreciation. Year-over-year home prices are up an
impressive 11.8 percent. Our pending HPI
projects that home prices will grow by 11.5 percent for the full year
2013. That will make 2013 the best year
for home-price appreciation since 2005."
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