CoreLogic Home Price Index Rises for the 10th Consecutive Month in December;
Biggest Year-Over-Year Increase Since May 2006
--Pending HPI Indicates Growth Continued in January--
IRVINE, Calif., Feb. 5, 2013
IRVINE, Calif., Feb. 5, 2013 /PRNewswire/ --CoreLogic^® (NYSE: CLGX), a
leading residential property information, analytics and services provider,
today released its December CoreLogic HPI^® report. Home prices nationwide,
including distressed sales, increased on a year-over-year basis by 8.3 percent
in December 2012 compared to December 2011. This change represents the biggest
increase since May 2006 and the 10^th consecutive monthly increase in home
prices nationally. On a month-over-month basis, including distressed sales,
home prices increased by 0.4 percent in December 2012 compared to November
2012*. The HPI analysis shows that all but four states are experiencing
year-over-year price gains.
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Excluding distressed sales, home prices increased on a year-over-year basis by
7.5 percent in December 2012 compared to December 2011. On a month-over-month
basis, excluding distressed sales, home prices increased 0.9 percent in
December 2012 compared to November 2012. Distressed sales include short sales
and real estate owned (REO) transactions.
The CoreLogic Pending HPI indicates that January 2013 home prices, including
distressed sales, are expected to rise by 7.9 percent on a year-over-year
basis from January 2012 and fall by 1 percent on a month-over-month basis from
December 2012, reflecting a seasonal winter slowdown. Excluding distressed
sales, January 2013 house prices are poised to rise 8.6 percent year over year
from January 2012 and by 0.7 percent month over month from December 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
"December marked 10 consecutive months of year-over-year home price
improvements, and the strongest growth since the height of the last housing
boom more than six years ago," said Mark Fleming, chief economist for
CoreLogic. "We expect price growth to continue in January as our Pending HPI
shows strong year-over-year appreciation."
"We are heading into 2013 with home prices on the rebound," said Anand
Nallathambi, president and CEO of CoreLogic. "The upward trend in home prices
in 2012 was broad based with46 of 50 states registering gains for the year.
All signals point to a continued improvement in the fundamentals underpinning
the U.S. housing market recovery."
Highlights as of December 2012:
oIncluding distressed sales, the five states with the highest home price
appreciation were: Arizona (+20.2 percent), Nevada (+15.3 percent), Idaho
(+14.6 percent), California (+12.6 percent) and Hawaii (+12.5 percent).
oIncluding distressed sales, this month only four states posted home price
depreciation: Delaware (-3.4 percent), Illinois (-2.7 percent), New
Jersey (-0.9 percent) and Pennsylvania (-0.5 percent).
oExcluding distressed sales, the five states with the highest home price
appreciation were: Arizona (+16.4 percent), Nevada (+14.7 percent),
California (+12.8 percent), Hawaii (+11.7 percent) and North Dakota (+10.8
oExcluding distressed sales, this month only three states posted home price
depreciation: Delaware (-1.9 percent), Alabama (-1.0 percent) and New
Jersey (-0.5 percent).
oIncluding distressed transactions, the peak-to-current change in the
national HPI (from April 2006 to December 2012) was -26.9 percent.
Excluding distressed transactions, the peak-to-current change in the HPI
for the same period was -20.8 percent.
oThe five states with the largest peak-to-current declines, including
distressed transactions, were Nevada (-52.4 percent), Florida (-43.5
percent), Arizona (-39.8 percent), Michigan (-36.5 percent) and California
oOf the top 100 Core Based Statistical Areas (CBSAs) measured by
population, only 16 are showing year-over-year declines in December, two
fewer than in November.
*November 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.
Table 1: December HPI for the Country's Largest CBSAs by Population (Sorted by
Single Family Including Distressed)
Table 2: December National and State HPI (Sorted by Single Family Including
Figure 1: Home Price Index
Percentage Change Year-Over-Year
Map 1: Single-Family Combined Excluding Distressed Series
12-Month Change by State
Map 2: 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 6,813 ZIP codes (58
percent of total U.S. population), 625 Core Based Statistical Areas (86
percent of total U.S. population) and 1,199 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 property information, analytics and
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data from public, contributory, and proprietary sources includes over 3.3
billion records spanning more than 40 years, providing detailed coverage of
property, mortgages and other encumbrances, consumer credit, tenancy,
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