IRVINE, Calif., Oct. 7, 2014 /PRNewswire/ --
CoreLogic® (NYSE: CLGX), a leading global property
information, analytics and data-enabled services provider, today
released its August CoreLogic Home Price Index (HPI®)
report. Home prices nationwide, including distressed sales,
increased 6.4 percent in August 2014
compared to August 2013. This change
represents 30 months of consecutive year-over-year increases in
home prices nationally. On a month-over-month basis, home prices
nationwide, including distressed sales, increased 0.3 percent in
August 2014 compared to July
2014.*
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At the state level, including distressed sales, all states
showed year-over-year home price appreciation in August. The HPI
reached new highs in a total of nine states, plus the District of Columbia. These states are
Alaska, Colorado, Iowa, Louisiana, Nebraska, North
Dakota, Oklahoma,
Texas and Wyoming.
Excluding distressed sales, home prices nationally increased 5.9
percent in August 2014 compared to
August 2013 and 0.3 percent month
over month compared to July 2014.
Also excluding distressed sales, 49 states and the District of Columbia showed year-over-year
home price appreciation in August, with Mississippi being the only state to experience
a year-over-year decline (-1.7 percent). Distressed sales include
short sales and real estate owned (REO) transactions.
The CoreLogic HPI Forecast indicates that home prices, including
distressed sales, are projected to increase 0.2 percent month over
month from August 2014 to
September 2014 and, on a
year-over-year basis, by 5.2 percent** from August 2014 to August
2015. Excluding distressed sales, home prices are expected
to rise 0.2 percent month over month from August 2014 to September
2014 and by 4.7 percent** year over year from August 2014 to August
2015. The CoreLogic HPI Forecast is a monthly projection of
home prices built using the CoreLogic HPI and other economic
variables. Values are derived from state-level forecasts by
weighting indices according to the number of owner-occupied
households for each state.
"The pace of year-over-year appreciation continues to slow down
as real estate markets find more balance. Home price appreciation
reached a peak of almost 12 percent year-over-year in October 2013 and has since subsided to the
current pace of 6 percent," said Mark
Fleming, chief economist at CoreLogic. "Continued moderation
of home price appreciation is a welcomed sign of more balanced real
estate markets and less pressure on affordability for potential
home buyers in the near future."
"Home prices continue to rise, albeit more slowly, across most
of the U.S.," said Anand
Nallathambi, president and CEO of CoreLogic. "Major
metropolitan areas such as Riverside and Los
Angeles, California, and Houston continue to lead the way with strong
price gains buoyed by tight supplies and a gradual rebound in
economic activity."
Highlights as of August
2014:
- Including distressed sales, the five states with the highest
home price appreciation were: Michigan (+11.1 percent),
California (+9.2 percent),
Nevada (+9.2 percent),
Maine (+9 percent) and
West Virginia (+8.7 percent).
- Excluding distressed sales, the five states with the highest
home price appreciation were: Massachusetts (+9.4 percent), Maine (+9.3 percent), West Virginia (+8.9 percent), Hawaii (+8.7 percent) and South Carolina (+8.1 percent).
- Including distressed transactions, the peak-to-current change
in the national HPI (from April 2006
to August 2014) was -12.1 percent.
Excluding distressed transactions, the peak-to-current change in
the HPI for the same period was -8.6 percent.
- The five states with the largest peak-to-current declines,
including distressed transactions, were: Nevada (-36.2 percent), Florida (-33.4 percent), Arizona (-28.9 percent), Rhode Island (-26.8 percent) and Maryland (-20.2 percent).
- Including distressed sales, the U.S. has experienced 30
consecutive months of year-over-year increases; however, the
national average is no longer posting double-digit increases.
- Ninety-eight of the top 100 Core Based Statistical Areas
(CBSAs) measured by population showed year-over-year increases in
August 2014. The two CBSAs that did
not show an increase were Rochester,
N.Y. and Little
Rock-North Little
Rock-Conway, Ark.
*July 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.
**The forecast accuracy represents a 95-percent statistical
confidence interval with a +/- 2.0 percent margin of error.
August HPI for the Country's Largest CBSAs by Population
(Ranked by Single Family Including Distressed)
August National and State HPI (Ranked by Single Family
Including Distressed)
Figure 1 - Home Price Index
Percentage Change Year
Over Year
Figure 2 - YoY HPI Growth for 25 Highest-Rate
States
Minimum, Maximum, Current since January 1976
Map 1 – August 2014 CoreLogic HPI Single Family Including
Distressed
Map 2 – August 2014 CoreLogic HPI Single Family Excluding
Distressed
Methodology
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 7228 ZIP codes (59 percent of total U.S. population), 653
Core Based Statistical Areas (89 percent of total U.S. population)
and 1,267 counties (86 percent of total U.S. population) located in
all 50 states and the District of
Columbia. Forecast ranges provided in this report are based
on a 95 percent confidence interval.
Source: CoreLogic
The data provided are for use only by the primary recipient or the
primary recipient's publication or broadcast. This data may not be
re-sold, republished or licensed to any other source, including
publications and sources owned by the primary recipient's parent
company without prior written permission from CoreLogic. Any
CoreLogic data used for publication or broadcast, in whole or in
part, must be sourced as coming from CoreLogic, a data and
analytics company. For use with broadcast or web content, the
citation must directly accompany first reference of the data. If
the data are illustrated with maps, charts, graphs or other visual
elements, the CoreLogic logo must be included on screen or website.
For questions, analysis or interpretation of the data, contact
Lori Guyton at lguyton@cvic.com or
Bill Campbell at
bill@campbelllewis.com. Data provided may not be modified without
the prior written permission of CoreLogic. Do not use the data in
any unlawful manner. The data are compiled from public records,
contributory databases and proprietary analytics, and its accuracy
is dependent upon these sources.
About CoreLogic
CoreLogic (NYSE: CLGX) is a leading
global property information, analytics and data-enabled services
provider. The company's combined data from public, contributory and
proprietary sources includes over 3.5 billion records spanning more
than 40 years, providing detailed coverage of property, mortgages
and other encumbrances, consumer credit, tenancy, location, hazard
risk and related performance information. The markets CoreLogic
serves include real estate and mortgage finance, insurance, capital
markets, and the public sector. CoreLogic delivers value to clients
through unique data, analytics, workflow technology, advisory and
managed services. Clients rely on CoreLogic to help identify and
manage growth opportunities, improve performance and mitigate risk.
Headquartered in Irvine, Calif.,
CoreLogic operates in North
America, Western Europe and
Asia Pacific. For more
information, please visit www.corelogic.com.
CORELOGIC, the CoreLogic logo, CoreLogic HPI, CoreLogic HPI
Forecast and HPI are trademarks of CoreLogic, Inc. and/or its
subsidiaries.
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SOURCE CoreLogic