Annual Home Price Increase Largest since 2006

Rent vs Buy Michelle 2013

“For the first time in almost six years, most U.S. markets experienced sustained increases in home prices in 2012,” said Anand Nallathambi, president and CEO of CoreLogic. “We still have a long way to go to return to 2005-2006 levels, but all signals currently point to a progressive stabilization of the housing market and the positive trend in home price appreciation to continue into 2013.”

CoreLogic Home Price Index released January 15, reported that home prices increased on a year-over-year basis for the ninth consecutive month. The November price index was up 7.4 percent from November 2011 and was the largest jump in the index in nearly seven years. When the distressed sales (short sales and foreclosed properties) are removed home prices nationwide increased by 6.7 percent in November compared to November 2011.

“As we close out 2012 the pending index suggests prices will remain strong,” said Mark Fleming, chief economist for CoreLogic. “Given the recently released QM rules issued by the CFPB are not expected to significantly restrict credit availability relative to today, the gains made in 2012 will likely sustained into 2013.”                                                           

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Source Mortgage Daily News

Tags: CoreLogic, increase in home prices, housing market, home price increase, home prices, pre-qualification , credit availability, housing price index

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