CoreLogic Home Price Index Shows First Month-Over-Month Increase Since Mid-2010

CoreLogic Home Price Index Shows First Month-Over-Month Increase Since Mid-2010

CoreLogic (NYSE: CLGX) on Wednesday, June 1, 2011 released its April Home Price Index (HPI) which shows that home prices in the U.S. increased on a month-to-month basis by 0.7 percent between March and April, 2011, the first such increase since the home-buyer tax credit expired in mid-2010. 


However, national home prices, including distressed sales, declined by 7.5 percent in April 2011 compared to April 2010 after declining by 6.8 percent  in March 2011 compared to March 2010. Excluding distressed sales, year-over-year prices declined by 0.5 percent in April 2011 compared to April 2010 and by 1.6  percent in March 2011 compared to March 2010. Distressed sales include short sales and real estate owned (REO) transactions.


“While the economic recovery is still fragile and one data point is not a trend, the month-over-month increase based on April sales activity is a positive sign. This is the first month-over-month increase in the HPI since government support for home buying was removed, and it provides reason for cautious optimism,” said Mark Fleming, chief economist for CoreLogic, Santa Ana, CA a leading provider of information, analytics and business services, 


Highlights as of April 2011


  • http://www.corelogic.com/_resources/img/css/bullets.png); padding-bottom: 0px; background-color: transparent; list-style-type: none; margin: 0px; padding-left: 15px; padding-right: 0px; background-position: 0px 0px; padding-top: 0px; border-width: 0px;">Including distressed sales, the five states with the highest appreciation were: North Dakota (+4.2 percent), Vermont (+3.4 percent), New York (+3.2 percent), The District of Columbia (+2.2 percent) and Mississippi (+1.4 percent).
  • http://www.corelogic.com/_resources/img/css/bullets.png); padding-bottom: 0px; background-color: transparent; list-style-type: none; margin: 0px; padding-left: 15px; padding-right: 0px; background-position: 0px 0px; padding-top: 0px; border-width: 0px;">Including distressed sales, the five states with the greatest depreciation were: Idaho (-15.2 percent), Michigan (-13.2 percent), Arizona (-11.9 percent), Rhode Island (-11.6 percent) and Nevada (-11.4 percent).
  • http://www.corelogic.com/_resources/img/css/bullets.png); padding-bottom: 0px; background-color: transparent; list-style-type: none; margin: 0px; padding-left: 15px; padding-right: 0px; background-position: 0px 0px; padding-top: 0px; border-width: 0px;">Excluding distressed sales, the five states with the highest appreciation were: West Virginia (+8.4 percent), South Carolina (+6.1 percent), Hawaii (+5.8 percent), Mississippi (+5.0 percent) and North Dakota (+4.5 percent).
  • http://www.corelogic.com/_resources/img/css/bullets.png); padding-bottom: 0px; background-color: transparent; list-style-type: none; margin: 0px; padding-left: 15px; padding-right: 0px; background-position: 0px 0px; padding-top: 0px; border-width: 0px;">Excluding distressed sales, the five states with the greatest depreciation were: Nevada (-10.3 percent), Idaho (-9.5 percent), Arizona (-6.0 percent), South Dakota (-5.9 percent) and Minnesota (-5.6 percent).
  • http://www.corelogic.com/_resources/img/css/bullets.png); padding-bottom: 0px; background-color: transparent; list-style-type: none; margin: 0px; padding-left: 15px; padding-right: 0px; background-position: 0px 0px; padding-top: 0px; border-width: 0px;">Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to April 2011) was -33.8 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -21.9 percent.
  • http://www.corelogic.com/_resources/img/css/bullets.png); padding-bottom: 0px; background-color: transparent; list-style-type: none; margin: 0px; padding-left: 15px; padding-right: 0px; background-position: 0px 0px; padding-top: 0px; border-width: 0px;">Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 92 are showing year-over-year declines in April, an increase over March when 91* of the top CBSAs were showing year-over-year declines.



Full-month April 2011 national, state-level and top CBSA-level data can be found at http://www.corelogic.com/About-Us/ResearchTrends/Home-Price-Index.aspx