Magazine article Mortgage Banking

Six States Reach New Home-Price Peaks in February

Magazine article Mortgage Banking

Six States Reach New Home-Price Peaks in February

Article excerpt

Irvine, California-based CoreLogic[R] released its February 2015 home-price report on April 7 and the numbers show six states had reached new home-price highs in data that goes back to January 1976, when the CoreLogic home price index (HPI) was launched.

The company said that another 26 states and the District of Columbia were at or within 10 percent of their peak prices if distressed sales are included.

For the country as a whole, home prices increased by 5.6 percent in the one-year period ending in February when you include distressed sales. That marked three consecutive years of year-over-year increases in national home prices, according to CoreLogic.

Excluding distressed sales, national home prices grew by 5.8 percent in February 2015 compared with a year earlier. All states and the District of Columbia posted year-over-year price gains in February if you exclude distressed sales.

The company is forecasting national home prices, excluding distressed sales, to increase by 4.8 percent over the next one-year period from February 2015 to February 2016.

Frank Nothaft, chief economist for CoreLogic, commented, "Since the second half of 2014, the dwindling supply of affordable inventory has led to stabilization in home-price growth with a particular uptick in low-end home-price growth over the last few months."

He pointed out, "From February 2014 to February 2015, low-end home prices increased by 9.3 percent compared to 4.8 percent for high-end home prices--a gap that is three times the average historical difference. …

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