Dennis Norman
Increased prices on distressed home sales in St Louis are the reason for St Louis’s home price gains.
A report released by First American CoreLogic shows St. Louis metro area home prices, including distressed sales, increased 0.60 percent in January 2010 compared to January, 2009. December 2009’s home price index for St. Louis was up 1.54 percent from the year before. Excluding distressed sales, the January 2010 home price index was actually down 0.55 percent from a year ago, compared with December 2009’s home price index which was up 0.59 percent from the prior year.
First American CoreLogic is projecting the 12-month forecast for St. Louis home prices, including distressed sales, will be 0.90 percent. The forecast for the State of Missouri as a whole is better, with home prices expected to increase 1.60 percent in the next twelve months, including distressed sales, and 1.30 percent excluding distressed sales.
Nationally, home prices in January decreased by 0.7 percent compared with a year ago, which is a significant improvement from December 2009’s decrease of 3.4 percent from the year prior. Excluding distressed sales, national home prices in January declined by 0.4 percent.
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