Any improvements in home prices is a positive indicator of the overall health of the economy. The improvements are an even better indicator when this excludes distressed home sales. PrivoCorp as a processing company has seen volumes of new home sales as well as refis increase over the past few months mirroring the observations of the Niche Home report as well as the corelogic data.
As per Niche Report Home prices nationwide, including distressed sales, increased on a
year-over-year basis by 5 percent in September compared to September
2011, the biggest increase since July 2006 and the seventh consecutive
increase in home prices nationally on a year-over-year basis, according
to CoreLogic Pending’s HPI indicates that October prices will be even
stronger, rising by 5.7 percent on a year-over-year basis from October
2011 and falling by 0.5 percent on a month-over-month basis from
September 2012 as sales exhibit a seasonal slowdown going into the
winter.
On a month-over-month basis, including distressed sales, home prices
fell by 0.3 percent in September compared to August*. The HPI analysis
from CoreLogic shows that all but seven states are experiencing
year-over-year price gains.
Excluding distressed sales, home prices nationwide also increased on a
year-over-year basis by 5 percent in September compared to September
2011. On a month-over-month basis excluding distressed sales, home
prices increased 0.5 percent in September compared to August , the
seventh consecutive month-over-month increase. Distressed sales include
short sales and real estate owned (REO) transactions.
“Home price improvement nationally continues to outpace our
expectations, growing five percent year-over-year in September, the best
showing since July 2006,” said Mark Fleming, chief economist for
CoreLogic. “While prices on a month-over-month basis are declining, as
expected in the housing off-season, most states are exhibiting price
increases. Gains are particularly large in former housing bubble states
and energy-industry concentrated states.”
“Home prices are responding to better market fundamentals, such as
reduced inventories and improved buyer demand,” said Anand Nallathambi,
president and CEO of CoreLogic. “So far this year, we’re seeing clear
signs of stabilization and improvement that show promise for a gradual
recovery in the residential housing market.”
Highlights:
- Including distressed sales, the five states with the highest home price appreciation were: Arizona (+18.7 percent), Idaho (+13.1 percent), Nevada (+11.0 percent), Hawaii (+8.9 percent) and Utah (+8.7 percent).
- Including distressed sales, the five states with the greatest home price depreciation were: Rhode Island (-3.5 percent), Illinois (-2.3 percent), New Jersey (-1.8 percent), Alabama (-1.3 percent) and Delaware (-0.5 percent).
- Excluding distressed sales, the five states with the highest home price appreciation were: Arizona (+14.0 percent), Idaho (+10.5 percent), Nevada (+9.5 percent), Montana (+8.5 percent) and California (+8.4 percent).
- Excluding distressed sales, this month only four states posted home price depreciation: Alabama (-3.1 percent), New Jersey (-1.6 percent), Delaware (-1.4 percent) and Rhode Island (-1.3 percent).
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to September 2012) was -27.0 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -20.4 percent.
- The five states with the largest peak-to-current declines, including distressed transactions, are Nevada (-53.9 percent), Florida (-44.7 percent), Arizona (-41.7 percent), California (-37.2 percent) and Michigan (-35.0 percent).
- Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 18 are showing year-over-year declines in September, nine fewer than in August.
