CoreLogic Home Price Index inches up from January to February

Byline:

HZ Staff

Publication Date:

Fri, 2012-04-06 17:06

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CoreLogic Home Price Index, HPI, February, monthly increase, distressed sales

Discounting distressed sales, West Virginia saw the greatest price appreciation at 8.6 percent, according to CoreLogic's Home Price Index. Nationwide, prices increased 0.7 percent.

The latest release of CoreLogic’s Home Price Index (HPI) showed that, excluding distressed sales, month-over-month prices increased 0.7 percent in February from January. The index also showed that year-over-year prices declined by 0.8 percent in February 2012 compared to February 2011. Distressed sales include short sales and real estate-owned (REO) transactions.

The report also shows national home prices—including distressed sales—declined on a year-over-year basis by 2 percent in February 2012 and by 0.8 percent compared to January 2012; this marks the seventh consecutive monthly decline.

Highlights as of February 2012:

• Including distressed sales, the five states with the highest appreciation were: West Virginia (+8.6 percent), Michigan (+5.8 percent), Florida (+4.7 percent), Arizona (+4.5 percent) and South Dakota (+4.1 percent).

• Including distressed sales, the five states with the greatest depreciation were: Delaware (-11.2 percent), Connecticut (-7.9 percent), Rhode Island (-7.8 percent), Illinois (-7.1 percent) and Georgia (-6.6 percent).

• Excluding distressed sales, the five states with the highest appreciation were: South Dakota (+5.9 percent), West Virginia (+5.6 percent), Maine (+4.5 percent), Utah (+3.7 percent) and Montana (+3.6 percent).

• Excluding distressed sales, the five states with the greatest depreciation were: Delaware (-8.7 percent), Connecticut (-4.9 percent), Nevada (-4.6 percent), Vermont (-4 percent) and Minnesota (-3.3 percent).

"House prices, based on data through February, continue to decline, but at a decreasing rate. The deceleration in the pace of decline is a first step toward ultimately growing again," said Mark Fleming, chief economist for CoreLogic. "Excluding distressed sales, we already see modest price appreciation month over month in January and February."