Home Prices Continue Rising in October

The Whaley House MuseumHome Prices Continue to Rise Across the United States.

Biggest price gains were in California at 9% rise in value in some areas.

Home prices rose 6.3% in October compared with the same month a year ago, the largest  monthly increase since June 2006 according to research firm CoreLogic (NYSE:  CLGX). Month-over-month, however, October prices fell 0.2%, including  distressed home sales. Excluding distressed sales October prices rose 0.5%  compared with September, and the year-over-year price also rose by 5.8%.

CoreLogic expects November housing prices to rise 7.1% year-over-year and drop by  0.3% month-over-month as the seasonal slowdown in home sales heads into its  second month. Excluding distressed sales, the year-over-year increase for  November is forecast at 7.4% and the month-over-month estimate improves to a  rise of 0.5%.

The company’s chief economist noted:

The housing recovery that started earlier in 2012 continues to gain momentum.  The recovery is geographically broad-based with almost all markets experiencing  some appreciation. Sand and energy states continue to experience the most robust  appreciation and some judicial foreclosure states are even recording increasing  prices.

Including distressed sales, home prices rose the most in Arizona (prices up  21.3%), Hawaii (13.2%), Idaho (12.4%), Nevada (12.4%),and North Dakota (10.4%).  Excluding distressed sales the biggest gains were posted in Arizona (16.6%),  Hawaii (12.2%), Nevada (10.8%), Idaho (9.7%), and California (9.7%).

Read more:  Home Prices Continue Rising in October: CoreLogic – 24/7 Wall St. http://247wallst.com/2012/12/04/home-prices-continue-rising-in-october-corelogic/#ixzz2F9c03BCp

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