JANUARY DATA SUPPORTS HOUSING RECOVERY! January Home Price Index up almost 10% year over year.

February projections indicate a continuation. Read the good news below! –  Paul and Debbie –

NEW YORK, March 5, 2013 – CoreLogic released its January CoreLogic Home Price Index (HPI) report today. Home prices nationwide, including distressed sales, increased on a year-over-year basis by 9.7 percent in January year-to-year. It’s the biggest increase since April 2006, and the eleventh consecutive monthly increase in national home prices.

On a month-over-month basis, overall home prices increased 0.7 percent in January 2013 compared to December 2012. All but two states, Delaware and Illinois, saw year-over-year price gains.

Excluding distressed sales, home prices increased on a year-over-year basis by 9.0 percent in January 2013 compared to January 2012. On a month-over-month basis, excluding distressed sales, home prices increased 1.8 percent in January 2013 compared to December 2012. Distressed sales include short sales and real estate owned (REO) transactions.

February projection

The CoreLogic Pending HPI indicates that overall February 2013 home prices are expected to rise by 9.7 percent on a year-over-year basis but fall 0.3 percent on a month-over-month compared to January prices, reflecting a seasonal winter slowdown.

However, CoreLogic also creates a set of home price numbers that excludes distressed sales. Looking at those, prices will rise year-to-year (11.3 percent) and month-to-month (1.8 percent). The CoreLogic Pending HPI is based on Multiple Listing Service (MLS) data that measure price changes.

“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. The improvements are materializing across the country, with all but Delaware and Illinois showing increasing HPI, and 15 states within 10 percent of their peak values.”

HPI highlights for January 2013

If including distressed sales:
• The five states with the highest home price appreciation were: Arizona (+20.1 percent), Nevada (+17.4 percent), Idaho (+14.9 percent), California (+14.1 percent) and Hawaii (+14.0 percent).

• Only two states posted home price depreciation: Illinois (-0.4 percent) and Delaware (-0.1 percent).

• The peak-to-current change (current prices compared to all-time highs, April 2006 to January 2013) was -26.4 percent.

• The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-51.6 percent), Florida (-43.0 percent), Arizona (-38.9 percent), Michigan (-37.4 percent) and Rhode Island (-35.5 percent).

• Of the top 100 Core Based Statistical Areas measured by population, 92 are showing year-over-year increases in January, up from 87 in December.

If excluding distressed sales:
• When excluding distressed sales, the five states with the highest home price appreciation were: Nevada (+17.5 percent), Arizona (+16.5 percent), California (+14.5 percent), Hawaii (+13.9 percent) and Idaho (+13.2 percent).

• No states posted home price depreciation in January.

• The peak-to-current change in the HPI for the April 2006 to January 2013 period was 19.9 percent.

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