CoreLogic, a residential analytics firm, has shown an 11.8 percent year-on-year increase in prices for residential properties. This was revealed last November 2013 on their latest home price index.
It is the 21st month consecutively where house prices are increasing year-on-year. Growth is probably slowing because prices were just 0.1 percent on a monthly basis.
However, prices for properties had increased by 0.3 percent in November and on its year-on-year basis, it was up by up to 10 percent. But distressed sales are excluded from this quantity.
The pending house price index of CoreLogic then indicated that home prices for December 2013, even with the distressed sales, are to fall 0.1% month on and with an increase of 11.5 percent year-on-year.
If distressed sales are excluded, prices of homes for December 2013 are to rise at an estimated number of 0.2 percent month-on-month and 10.6 percent year-on-year from December of the previous year.
Mark Fleming, the chief economist for CoreLogic, has stated the issue. “The housing market paused as expected in November for the holiday season with very low month-on-month appreciation. Year-on-year home prices are increasing and to an impressive 11.8 percent. Our unfinished HPI projects that prices for houses will increase by 11.5 percent for the full year of 2013.That will then make 2013 the best year for house prices appreciation since the year 2005. On a year-on-year basis, home prices appreciated every month in 2013.”
Anand Nallathambi, the president and chief executive officer of CoreLogic, has also given his statement. According to him – “21 states and the District of Columbia are now at or within 10 percent of their peaks. The outlook for 2014 look a bit less robust since regulatory complexities, and tight credit can be expected to cool the housing market.”
If distressed sales are included, the five states with the most home price appreciations are Nevada reaching up to 25.3 percent, then California with a 21.3 percent, then Michigan with a 14.4 percent, then Arizona with a 13.5 percent and then Georgia with a 13.3 percent. There is also one state showing depreciation, and this is Arkansas, with a fall of about 1.1 percent.
However, if distressed sales are not included, the five states with the most home price appreciations would be Nevada with 21 percent, followed by California with 17.6 percent, then Idaho and Florida both with 12.4 percent, and then Arizona with 11.7 percent. And if distressed sales are excluded, there would be no state showing home price depreciation for November.
If distressed transactions are included, April 2006 to November 2013 peak current change would be 17.6 percent, but if distressed transactions are not included, it would just be 13.3 percent.
If distressed transactions are included, this would be the five states to have the largest peak declines – Nevada with -40.5 percent, Florida with -37.3 percent, Arizona with -31.4 percent, Rhode Island with -29.4 percent and lastly Illinois with -24.5 percent.
The above data also reveals that 96 out of the 100 Core Based Statistical Areas or CBSAs showed a year-on-year increase in November 2013.
About the Author : Veronica Barfield is active in reading manuscripts that deals with real estate financing. People might think that she is a broad minded woman with interest on highly sophisticated scripts of laws, but she is indeed a nature enthusiast, a passionate woman who would rather go for a nature hopping than grandeur social gatherings.