CoreLogic® Home Price Index Marks Eighth Consecutive Month of
Year-Over-Year Gains
IRVINE, Calif., 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 October 2012 compared
to October 2011. This change represents the biggest increase since
June 2006 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 October
2012 compared to September
2012*. 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 October 2012 compared to October 2011. On a month-over-month basis
excluding distressed sales, home prices increased 0.5 percent in
October 2012 compared to September 2012, the eighth consecutive
month-over-month increase. Distressed sales include short sales and
real estate owned (REO) transactions.
The CoreLogic Pending HPI indicates that November 2012 home prices, including distressed
sales, are expected to rise by 7.1 percent on a year-over-year
basis from November 2011 and fall by
0.3 percent on a month-over-month basis from October 2012 as sales exhibit a seasonal slowdown
going into the winter. Excluding distressed sales, November 2012 house prices are poised to rise 7.4
percent year-over-year from November
2011 and by 0.5 percent month-over-month from October 2012. 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 Mark
Fleming, 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 Anand
Nallathambi, 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."
Highlights as of October
2012:
- Including distressed sales, the five states with the highest
home price appreciation were: Arizona (+21.3 percent), Hawaii (+13.2 percent), Idaho (+12.4 percent), Nevada (+12.4 percent) and North Dakota (+10.4 percent).
- Including distressed sales, the five states with the greatest
home price depreciation were: Illinois (-2.7 percent), Delaware (-2.7 percent), Rhode Island (-0.6 percent), New Jersey (-0.6 percent) and Alabama (-0.3 percent).
- Excluding distressed sales, the five states with the highest
home price appreciation were: Arizona (+16.6 percent), Hawaii (+12.2 percent), Nevada (+10.8 percent), Idaho (+9.7 percent) and California (+9.7 percent).
- Excluding distressed sales, this month only three states posted
home price depreciation: Delaware (-2.1 percent), Alabama (-1.5 percent) and New Jersey (-0.2 percent).
- Including distressed transactions, the peak-to-current change
in the national HPI (from April 2006
to October 2012) was -26.9 percent.
Excluding distressed transactions, the peak-to-current change in
the HPI for the same period was -20.6 percent.
- The five states with the largest peak-to-current declines,
including distressed transactions, were Nevada (-53.5 percent), Florida (-44.5 percent), Arizona (-40.2 percent), California (-36.6 percent) and Michigan (-35.3 percent).
- Of the top 100 Core Based Statistical Areas (CBSAs) measured by
population, 17 are showing year-over-year declines in October, four
fewer than in September.
*September 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.
October HPI for the Country's Largest CBSAs by Population
(Sorted by Single Family Including Distressed)
October National and State HPI (Sorted by Single Family
Including Distressed)
Figure 1 - Home Price Index Percentage Change
Year-Over-Year
Single-Family Combined Excluding Distressed Series 12-Month
Change by State
Single-Family Combined Series 12-Month Change by State
Methodology
The CoreLogic HPI incorporates more than 30 years' worth of repeat
sales transactions, representing more than 65 million observations
sourced from CoreLogic industry-leading property information and
its securities and servicing databases. The CoreLogic HPI provides
a multi-tier market evaluation based on price, time between sales,
property type, loan type (conforming vs. nonconforming) and
distressed sales. The CoreLogic HPI is a repeat-sales index that
tracks increases and decreases in sales prices for the same homes
over time, including single-family attached and
single-family detached homes, which provides a more accurate
"constant-quality" view of pricing trends than basing analysis on
all home sales. The CoreLogic HPI provides the most comprehensive
set of monthly home price indices available covering 6,790 ZIP
codes (58 percent of total U.S. population), 624 Core Based
Statistical Areas (86 percent of total U.S. population) and 1,192
counties (84 percent of total U.S. population) located in all 50
states and the District of Columbia.
Source: CoreLogic
The data provided is for use only by the primary recipient or
the primary recipient's publication or broadcast. This data may not
be re-sold, republished or licensed to any other source, including
publications and sources owned by the primary recipient's parent
company without prior written permission from CoreLogic. Any
CoreLogic data used for publication or broadcast, in whole or in
part, must be sourced as coming from CoreLogic, a data and
analytics company. For use with broadcast or web content, the
citation must directly accompany first reference of the data. If
the data is illustrated with maps, charts, graphs or other visual
elements, the CoreLogic logo must be included on screen or web
site. For questions, analysis or interpretation of the data,
contact Lori Guyton at
lguyton@cvic.com or Bill Campbell at
bill@campbelllewis.com. Data provided may not be modified without
the prior written permission of CoreLogic. Do not use the data in
any unlawful manner. This data is compiled from public records,
contributory databases and proprietary analytics, and its accuracy
is dependent upon these sources.
About CoreLogic
CoreLogic (NYSE: CLGX) is a leading
residential property information, analytics and services provider
in the United States and
Australia. Our combined data from
public, contributory and proprietary sources spans over 700 million
records across 40 years including detailed property records,
consumer credit, tenancy, hazard risk and location information. The
markets CoreLogic serves include real estate and mortgage finance,
insurance, capital markets, transportation and government. We
deliver value to our clients through unique data, analytics,
workflow technology, advisory and managed services. Our
clients rely on us to help identify and manage growth
opportunities, improve performance and mitigate risk. Headquartered
in Irvine, Calif., CoreLogic
operates in seven countries. For more information, please
visit www.corelogic.com.
CORELOGIC, the CoreLogic logo and HPI are trademarks of
CoreLogic, Inc. and/or its subsidiaries.
SOURCE CoreLogic