Home prices in Jackson increase

CoreLogic, a provider of information, analytics and business services, has released its Home Price Index (HPI) which shows that home prices in the U.S. increased in June, the fifth consecutive month showing a year-over-year increase. According to the CoreLogic HPI, national home prices, including distressed sales, increased by 1.4 percent in June 2010 compared to June 2009 and increased by 3.7 percent in May 2010 compared to May 2009. The June 2.3 percentage point deceleration from May is very large by historical standards. The deceleration was most pronounced in more expensive and distressed segments of the market. Excluding distressed sales, year-over-year prices only increased by 0.2 percent in June and May's non-distressed HPI increased by 0.5 percent. In Jackson, home prices, including distressed sales, increased by 1.92 percent in June 2010 compared to June 2009. This compares to May's year-over-year HPI, which was 1.31 percent. Excluding distressed transactions, year-over-year HPI for June is -4.81 percent, compared to May which was -5.39 percent. The top five states with the highest appreciation in June, including distressed sales, were: South Dakota (+6.9 percent); Maine (+6.4 percent); California (+5.9 percent); Virginia (+4.7 percent); and District of Columbia (+4.3 percent). The top five states with the greatest depreciation in June, including distressed sales, were Idaho (-9.1 percent); Alabama (-3.8 percent); Oregon (-3.5 percent); Washington (-3.4 percent); and New Mexico (-3.2 percent). Excluding distressed sales, the top five states with the highest appreciation in June were: District of Columbia (+6.3 percent); South Dakota (+6.3 percent); California (+4.4 percent); Mississippi (+3.9 percent); and Maine (+2.7 percent). Excluding distressed sales, the top five states with the greatest depreciation in June were: Nevada (-6.8 percent); Arizona (-5.8 percent); Michigan (-4.8 percent); New Mexico (-4.0 percent); and Oregon (-3.4 percent). Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to June 2010) is -28.0 percent. Excluding distressed properties, the peak-to-current change in the HPI for the same period is -20.0 percent. ''Home price volatility and collateral risk remain very high. The stabilization phase and policy intervention since the spring of 2009 has run its course. Prices are expected to further moderately decline as the economy remains weak through the fall,'' said Mark Fleming, chief economist for CoreLogic. Full-month June 2010 national, state-level and top CBSA-level data can be found at http://www.corelogic.com/About-Us/ResearchTrends/Home-Price-Index-Report---June-2010.aspx. Published: Mon, Aug 23, 2010

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