Jan­uary U.S. home prices rise most in Wash­ing­ton, Colorado, Ore­gon

Financial Mirror (Cyprus) - - FRONT PAGE -

Home prices in the United States rose for the 47th con­sec­u­tive month in Jan­uary. Com­pared with Jan­uary of 2014, home prices rose 6.9%, in­clud­ing the sales of dis­tressed prop­er­ties. The year-over-year De­cem­ber in­crease was 6.3%. Month over month, Jan­uary home prices rose by 1.3% from De­cem­ber prices, which had risen 0.8% over Novem­ber prices.

Louisiana and Mis­sis­sippi were the only states to post neg­a­tive home price changes in Jan­uary. In­clud­ing sales of dis­tressed prop­er­ties, Louisiana prices are down 1.1% and sales prices in Mis­sis­sippi are down 1.3%. Both were among the three states that ex­pe­ri­enced lower growth in De­cem­ber.

The data were re­leased by CoreLogic in its Home Price In­sights Re­port for Jan­uary.

In­clud­ing sales of dis­tressed prop­er­ties, the five states post­ing the largest year-over-year price in­creases in Jan­uary were Wash­ing­ton (11.6%), Colorado (10.9%), Ore­gon (10.0%), Florida (9.1%) and Idaho (8.4%).

Ex­clud­ing sales of dis­tressed prop­er­ties, the five states post­ing the big­gest price in­creases over the past 12 months were Wash­ing­ton (10.7%), Colorado (10.3%), Ore­gon (10.1%), Hawaii (8.1%) and Ne­vada (8.0%).

The five states with the largest re­main­ing peak-to-cur­rent de­clines, in­clud­ing dis­tressed trans­ac­tions, were Ne­vada (29.7%), Florida (26.3%), Rhode Is­land (25.4%), Ari­zona (24.1%) and Mary­land (23.1%).

Peak home prices oc­curred in April 2006 and cur­rent prices re­main 7% below that peak. In­clud­ing dis­tressed sales, CoreLogic fore­casts na­tional sin­gle-fam­ily home prices to reach a new peak in May 2017.

CoreLogic’s chief econ­o­mist said: “While the na­tional mar­ket con­tin­ues to steadily im­prove the con­tours of the home price re­cov­ery are shift­ing. The northwest and Rocky Moun­tain states have ex­pe­ri­enced greater ap­pre­ci­a­tion and ac­count for four of the top five states for home price growth.

CoreLogic has fore­cast that home prices will rise 0.5% month over month in Fe­bru­ary and rise by 5.5% be­tween Jan­uary 2016 and Jan­uary 2017. Both pro­jec­tions in­clude dis­tressed sales. (Source: 24/7 Wall St.com)

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