CoreLogic® Home Price Index Marks Eighth Consecutive Month of Year-Over-Year
--6.3 Percent Increase Recorded in October, Pending HPI Forecasts 7.1 Percent
Increase for November--
IRVINE, Calif., Dec. 4, 2012
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
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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 recoverythat 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
"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:
oIncluding 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).
oIncluding 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
oExcluding 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).
oExcluding 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).
oIncluding 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.
oThe 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
oOf 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
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.
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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
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