Home Prices Continue Gains, Up 10% From a Year Ago

Home prices nationwide increased an a year-over-over basis by 9.7% in January 2013, according to CoreLogic’s Home Price Index (HPI). 

Including distressed sales, the near-10% rise represents the biggest increase since April 2006, CoreLogic notes, and the 11th consecutive monthly increase in home prices nationally.

On a month-over-month basis, home prices increased 0.7% in January 2013 compares to December 2012. 

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February 2013 is also expected to see an increase in home prices, as indicated by CoreLogic’s Pending HPI, rising 9.7% on a year-over-year basis compared to February 2012. 

Additionally, the Pending HPI forecasts that February home prices will increase 1.8% from this past January.

“The HPI showed strong growth during the typically slow winter season,” said Mark Fleming, chief economist for CoreLogic. “With these gains, the housing market is poised to enter the spring selling season on sound footing.”

All but two states—Illinois and Delaware—experienced year-over-year growth, but outlook remains strong looking forward. 

“Home prices continued to gather steam across a broad swath of the country in January, continuing the positive trend we saw during most of 2012,” said Anand Nallathambi, president and CEO of CoreLogic. “Many states across the western U.S. and along the East Coast saw average price gains of more than 6 percent, which is likely to boost home sale activity into the first half of 2013.”

Of the top 100 Core Based Statistical Areas measured by population, 92 showed year-over-year increased in January, up from 87 in December. 

Written by Jason Oliva

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  • One must recognize that 10% is 10% of a very depressed value. For example a home worth $90,000 value home in 2005 who saw a 10% increase in 2005 would have had a $9,000 increase in value but if that same home was only worth $70,000 today would only be worth $7,000.

    For those of us who believe that perceived lower values were suppressing endorsements, this is great news. But this great news must become common knowledge among seniors before we will see significantly higher endorsements. With this group are those who believe that to fully recover our peak endorsement numbers not only it take perception of increased values but also there will be the need for some time to go by until there is less of a bitter taste from the bursting of the mortgage bubble.

    Since values in most places have not recovered to their pre-burst values, full recovery may be several years away especially with the loss of the fixed rate Standard.

    Since several views are presented, the views expressed are not necessarily the view of Security One Lending or its affiliates.

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