CoreLogic® Home Price Index Shows Second Consecutive Month-Over-Month Increase

Here is a some good news for home prices!

CoreLogic® Home Price Index Shows Second
Consecutive Month-Over-Month Increase

Home Prices Down 7.4 Percent

Home prices in the U.S. increased by 0.8 percent in May 2011 compared to April 2011, the second consecutive month-over-month increase. On a year-over-year basis, home prices declined by 7.4 percent in May 2011 compared to May 2010 after declining by 6.7 percent* in April 2011 compared to April 2010. Excluding distressed sales, year-over-year prices declined by 0.4 percent in May 2011 compared to May 2010 and by 0.8* percent in April 2011 compared to April 2010. Distressed sales include short sales and real estate owned (REO) transactions.

Highlights as of May 2011

• Including distressed sales, the five states with the highest appreciation were: New York (+4.4 percent), Vermont (+3.9 percent), North Dakota (+3.8 percent), Hawaii (+2.5 percent) and the District of Columbia (+0.5 percent).
• Including distressed sales, the five states with the greatest depreciation were: Idaho (-16.4 percent), Michigan (-12.9 percent), Arizona (-12.1 percent), Illinois (-11.8 percent) and Nevada (-11.6 percent).
• Excluding distressed sales, the five states with the highest appreciation were: West Virginia (+10.1 percent), Hawaii (+9.0 percent), North Dakota (+8.6 percent), Vermont (+6.3 percent) and New York (+6.1 percent).
• Excluding distressed sales, the five states with the greatest depreciation were: Nevada (-9.8 percent), Idaho (-7.9 percent), Arizona (-7.0 percent), South Dakota (-6.1 percent) and Minnesota (-5.0 percent).
• Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to May 2011) was -32.7 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -21.2 percent.
• Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 91* are showing year-over-year declines in May, unchanged from April.

“Two consecutive months of month-over-month growth and continued relative strength in the non-distressed market segment are positive seasonal signs in the housing market. Slowly declining shadow inventory and stabilized negative equity levels are also positive signs.” said Mark Fleming, chief economist with CoreLogic. “Nonetheless, the fragile economic recovery is still critical to the long-term recovery in the housing market.”

*April 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.

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Most Current, Most Comprehensive HPI Data

CoreLogic HPI monthly updates offer the quickest HPI collateral valuation information in the industry—complete HPI datasets five weeks after month’s end—and leverage the full authority of CoreLogic’s industry-leading real estate databases, covering 6,521 Zip codes, 609 Core Based Statistical Areas (CBSAs), and 1,126 counties in all 50 states and the District of Columbia.

CoreLogic HPI covers 6,521 ZIP codes, 609 Core Based Statistical Areas (CBSA) and 1,126 counties in all 50 states and the District of Columbia.

HPI for the Country’s Largest Core Based Statistical Areas (CBSAs):

	May 2011 12-Month HPI
	Change by CBSA
CBSA	Single Family	Single Family Excluding Distressed
Chicago-Joliet-Naperville IL	-12.8%	-3.8%
Phoenix-Mesa-Glendale, AZ	-11.4%	-7.3%
Atlanta-Sandy Springs-Marietta, GA	-6.8%	-0.7%
Los Angeles-Long Beach-Glendale, CA	-5.3%	2.7%
Riverside-San Bernardino-Ontario, CA	-5.1%	-2.2%
Houston-Sugar Land-Baytown, TX	-3.5%	5.3%
Philadelphia PA	-3.3%	-1.2%
Washington-Arlington-Alexandria, DC-VA-MD-WV	-1.5%	3.9%
Dallas-Plano-Irving, TX	-0.6%	5.8%
New York-White Plains-Wayne, NY-NJ	3.0%	4.6%

Source: CoreLogic

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