CoreLogic® Home Price Index also showed its third consecutive month-over-month increase, including distress sales, increasing by 0.7 percent in June 2011 compared to May 2011.
However, June national home prices, including distressed sales, were still 6.8 percent lower than June 2010 after declining by 6.7 percent in May 2011 compared to May 2010. Distressed sales include short sales and real estate owned (REO) transactions.
“While there is a consistent and sustained seasonal improvement in prices over the last three months, prices are lower than a year ago due to the decline in prices after the expiration of the tax credit last year. The difference between the overall HPI and our index excluding distressed sales indicates that the price declines are more concentrated in the distressed sales market,” says Mark Fleming, chief economist for CoreLogic.
Highlights as of June 2011
• Including distressed sales, the five states with the highest appreciation were: New York (+3.3percent), the District of Columbia (+2.4 percent), North Dakota (+1.2 percent), Alaska (+0.1percent) and Nebraska (+0.1 percent).
• Including distressed sales, the five states with the greatest depreciation were: Nevada (-12.4percent), Idaho (-12.3 percent), Arizona (-12.3 percent), Illinois (-12.2 percent) and Minnesota (-9.6 percent).
• Excluding distressed sales, the five states with the highest appreciation were: North Dakota (+5.9 percent), New York (+4.6 percent), West Virginia (+3.6 percent), Texas (+2.8 percent) and Vermont (+2.6 percent).
• Excluding distressed sales, the five states with the greatest depreciation were: Nevada (-9.9 percent), Arizona (-8.0 percent), Mississippi (-7.3 percent), Minnesota (-6.8 percent) and Delaware (-6.7 percent).
• Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to June 2011) was -31.7 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -21.4 percent.
• Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 86 are showing year-over-year declines in June, five less than May.
For more information, visit www.Realestateeconomywatch.com.