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Home prices increased in June; third consecutive month of increases

Dennis Norman St Louis

A report released by CoreLogic shows U.S. home prices increased in June 2011 by 0.7 percent from the month before, marking the third consecutive month-over-month increase. However, U.S. home prices in June 2011 decreased 6.8 percent from the year before. If we take the distressed sales (foreclosures, REO’s and short-sales) then year-over-year home prices declined by 1.1 percent in June 2011 from June 2010.Highlights as of the June 2011 Report –

  • Including distressed sales, the five states with the highest appreciation were: New York (+3.3 percent), the District of Columbia (+2.4 percent), North Dakota (+1.2 percent), Alaska (+0.1 percent) and Nebraska (+0.1 percent).
  • Including distressed sales, the five states with the greatest depreciation were: Nevada (-12.4 percent), Idaho (-12.3 percent), Arizona (-12.3 percent), Illinois (-12.2 percent) and Minnesota (-9.6 percent).
  • Excluding distressed sales, the five states with the highest appreciation were: North Dakota (+5.9 percent), New York (+4.6 percent), West Virginia (+3.6 percent), Texas (+2.8 percent) and Vermont (+2.6 percent).
  • Excluding distressed sales, the five states with the greatest depreciation were: Nevada (-9.9 percent), Arizona (-8.0 percent), Mississippi (-7.3 percent), Minnesota (-6.8 percent) and Delaware (-6.7 percent).
  • Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to June 2011) was -31.7 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -21.4 percent.
  • Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 86 are showing year-over-year declines in June, five less than May.

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

CBSA June 2011 12 Month HPI
Change by CBSA
Single Family Single Family Excluding Distressed
Chicago-Joliet-Naperville, IL -13.4% -4.7%
Phoenix-Mesa-Glendale, AZ -11.4% -7.9%
Atlanta-Sandy Springs-Marietta, GA -7.4% -1.3%
Los Angeles-Long Beach-Glendale, CA -6.7% 1.4%
Riverside-San Bernardino-Ontario, CA -6.0% -3.4%
Houston-Sugar Land-Baytown, TX -3.2% 4.3%
Philadelphia, PA -2.9% -1.8%
Dallas-Plano-Irving, TX -0.6% 3.4%
Washington-Arlington-Alexandria, DC-VA-MD-WV 0.4% 3.3%
New York-White Plains-Wayne, NY-NJ 2.0% 3.5%

Source: CoreLogic.

June HPI State and National Ranking:

State June 2011 12 Month HPI
Change by State
Single Family Combined Single Family Combined Excluding Distressed
National -6.8% -1.1%
Nevada -12.4% -9.9%
Arizona -12.3% -8.0%
Idaho -12.3% -5.7%
Illinois -12.2% -4.7%
Minnesota -9.6% -6.8%
Oregon -8.9% -3.9%
Missouri -8.7% -3.4%
Ohio -8.7% -0.6%
Michigan -8.5% -5.6%
Utah -7.9% -2.4%
Florida -7.6% -2.0%
New Mexico -7.4% -1.2%
Georgia -6.8% -1.3%
California -6.7% -0.2%
Alabama -6.6% -0.5%
Washington -6.5% -2.4%
Delaware -6.4% -6.7%
Wisconsin -5.0% -2.5%
Maryland -4.2% -0.7%
New Hampshire -4.1% 0.1%
Kentucky -3.9% -1.4%
Indiana -3.9% 0.4%
Vermont -3.4% 2.6%
Colorado -3.1% 0.2%
Oklahoma -2.8% -1.1%
Pennsylvania -2.7% -1.1%
Kansas -2.7% 0.6%
New Jersey -2.5% -2.0%
Wyoming -2.5% 1.3%
Montana -2.4% -1.4%
Iowa -2.4% -0.7%
Rhode Island -2.2% 1.2%
Hawaii -2.2% 2.2%
Mississippi -2.1% -7.3%
South Carolina -2.1% 2.3%
Texas -2.1% 2.8%
North Carolina -2.0% 0.6%
Louisiana -2.0% 1.5%
Tennessee -1.9% 0.8%
Arkansas -1.4% 0.4%
West Virginia -1.3% 3.6%
Connecticut -0.4% 2.1%
Virginia -0.3% 1.7%
Maine -0.2% 1.7%
South Dakota -0.1% -1.9%
Massachusetts -0.1% 1.6%
Nebraska 0.1% 0.2%
Alaska 0.1% 1.0%
North Dakota 1.2% 5.9%
District of Columbia 2.4% 1.7%
New York 3.3% 4.6%

Source: CoreLogic.

2011 Month HPI Change as of June | Single Family Combined series | Source: CoreLogic

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