There’s an old saying in the real estate industry:
All real estate is local.
And the latest Home Price Index (HPI) report that was released this morning from Irvine, California-based CoreLogic suggests there might be some truth to that.
From the website of the provider of residential property valuations for the mortgage industry:
Home prices nationwide, including distressed sales, increased on a year-over-year basis by 8.3 percent in December 2012 compared to December 2011. This change represents the biggest increase since May 2006 and the 10th consecutive monthly increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 0.4 percent in December 2012 compared to November 2012. The HPI analysis shows that all but four states are experiencing year-over-year price gains.
If you speculated that Illinois might be one of those four states that aren’t experiencing gains- you were correct. From the Reuters website this morning:
Four states posted home price depreciation. They were: Delaware, down -3.4 percent; Illinois down -2.7 percent; New Jersey, down -0.9 percent; and Pennsylvania, down -0.5 percent. Those numbers also include distressed sales.
(Editor’s note: Italics added for emphasis)
No housing recovery yet it seems for the “Land of Lincoln.”
For more information about that December 2012 Home Price Index report, you can go to the CoreLogic website here.
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
“U.S. home prices post biggest jump in over six years- CoreLogic.” Reuters. 5 Feb. 2013. (http://www.reuters.com/article/2013/02/05/usa-housing-corelogic-idUSL1N0B4B2E20130205). 5 Feb. 2013.
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