- Following Brief Eulogy to his Father, Huntington Mayor Told Council, "Let's Get to Work..."
- Highlawn Baptist Church, Various Items to Sell at Auction
- Prepared Remarks of Richard Cordray of CFPB on CareCredit Enforcement Action
- 22 Year Old Driver Dies from Crash Injuries
- Marshall Has 21 Named to All-Conference and All-Freshman Teams
- Highlawn Pastor Posted Explanation on Facebook in October
- DEA NEWS: Greek National Pleads Guilty in Narco-Terror Conspiracy
- Contaminated Debris of Huntington Pilot Plant Transported by Truck in 1979
- MILITARY-INDUSTRIAL COMPLEX: Defense Dept. Contracts for Dec. 11, 2013
- Marshall University Board approves 10-year Master Plan
CoreLogic Case-Shiller Home Price Indexes: Continued Price Recovery in Nearly 90 Percent of U.S. Metros During Q2 2013
The CoreLogic Case-Shiller Indexes estimate that home prices increased by 10.1 percent in the second quarter of 2013 compared to a year ago. Home prices nationwide are now 16 percent above the trough, reached in the fourth quarter of 2011, but still remain 24 percent below the peak, reached in the first quarter of 2006.
The analysis projects that price appreciation will decelerate through the second half of 2013 and into the beginning of 2014. Based on CoreLogic Case-Shiller data forecast through June 30, 2014, home price appreciation will slow to an average of 5.4 percent across all U.S. markets.
"Prices are now rising in nearly 90 percent of metro areas, and in all metro areas with populations greater than 1 million," said Dr. David Stiff, principal economist for CoreLogic Case-Shiller™. "The strongest growth continues to be recorded in cities that were at the center of the housing bubble, but investor demand in those markets appears to be waning, meaning rapid rates of price appreciation are likely unsustainable."
The report from the Irvine CA-based CoreLogic also showed that nationally, home prices are now 16 percent above the fourth-quarter 2011 trough. Also, price appreciation is projected to slow to 5.4 percent across all markets by the beginning of 2014
Of the metro areas that felt the greatest impact from the housing bubble, Sacramento (+26 percent), Las Vegas (+25 percent) and Phoenix (+20 percent) saw the largest increase in home prices during the second quarter of 2013 versus the same period last year. Coastal California markets also exhibited strong price appreciation, including Oakland (+24 percent), San Jose (+22 percent) and Los Angeles (+20 percent), as buyers continue to jump in before increasing prices and mortgage rates substantially reduce affordability.
Purchases by first-time and trade-up buyers are increasing, though tight mortgage lending conditions and slow job-market gains are constraining demand for owner-occupied housing. Demand from investors is weakening as well, as fewer distressed properties are listed for sale and rising home prices cut into potential rental profits. At the same time, the overall supply of homes for sale is still rising in many metro areas as current homeowners take advantage of favorable seller's markets.
"Combined with increased housing construction, expected increases in existing inventories should restrain price appreciation even if demand remains strong. Nevertheless, the rate of home price growth in the coming months will remain above its long-term average of 4.5 percent annual appreciation since 1975," said Stiff.
The CoreLogic Case-Shiller Indexes, which include data covering thousands of ZIP codes, counties, metro areas and state markets, are owned and generated by CoreLogic. The historical home price trend information in this report is calculated from the proprietary CoreLogic Case-Shiller Indexes, supplemented with data from the Federal Housing Finance Agency (FHFA). One-year forecasts in this release are for the 12 months ending on June 30, 2014. CoreLogic Case-Shiller home price forecasts are produced by CoreLogic and Moody's Analytics®.
* This quarterly report differs from the S&P/Dow Jones Case-Shiller monthly report; though both reflect findings from the same dataset, this analysis includes local-level data for a greater number of markets over a different time frame.
Selected U.S. markets (other metro areas available upon request):
|Population (2012)||Change in Home Prices (Q2 2012 to Q2 2013)||Change in Home Prices (Q2 2010 to Q2 2013)||Forecast Change in Home Prices (Q2 2013 to Q2 2014)|
|Las Vegas, Nev.||2,000,759||24.7%||15.1%||7.2%|
|San Jose, Calif.||1,894,388||21.9%||24.3%||5.1%|
|Los Angeles, Calif.||9,962,789||20.3%||15.5%||6.0%|
|San Francisco, Calif.||1,821,243||19.4%||19.2%||7.0%|
|West Palm Beach, Fla.||1,356,545||14.5%||8.3%||5.1%|
|Fort Lauderdale, Fla.||1,815,137||13.4%||14.0%||2.2%|
|Salt Lake City, Utah||1,161,715||11.3%||11.1%||7.1%|
|Virginia Beach, Va.||1,694,900||7.3%||-6.5%||4.9%|
|Fort Worth, Texas||2,213,738||6.3%||6.1%||7.5%|
|New Orleans, La.||1,205,374||5.3%||5.2%||7.4%|
|Kansas City, Mo.||2,064,630||4.4%||-1.9%||4.9%|
|St. Louis, Mo.||2,845,721||2.6%||-3.4%||5.8%|
|San Antonio, Texas||2,234,003||2.5%||10.0%||7.6%|