Home Price Index (HPI), home prices nationwide, including distressed sales, increased 8.8 percent in May 2014.

This change represents 27 months of consecutive year-over-year increases in home prices nationally.

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At the state level, including distressed sales, no states posted depreciation in May 2014 and 25 states and the District of Columbia were at or within 10 percent of their peak home price appreciation. Additionally, ten states reached new home prices highs, including Alaska, Louisiana, Oklahoma, Nebraska, Iowa, South Dakota, North Dakota, Colorado, Texas and New York. The strongest year-over-year appreciation is in the Western United States, led by Hawaii, California and Nevada.

Excluding distressed sales, home prices nationally increased 8.1 percent in May 2014 compared to May 2013 and 1.2 percent month over month compared to April 2014. Also excluding distressed sales, all 50 states and the District of Columbia showed year-over-year home price appreciation in May. Distressed sales include short sales and real estate owned (REO) transactions.

The CoreLogic HPI Forecast indicates that home prices, including distressed sales, are projected to increase 0.8 percent month over month from May 2014 to June 2014 and, on a year-over-year basis by 6.0 percent (+/- 1.5 percent) from May 2014 to May 2015. Excluding distressed sales, home prices are expected to rise 0.7 percent month over month from May 2014 to June 2014 and by 5.1 percent (+/- 1.5 percent) year over year from May 2014 to May 2015. The CoreLogic HPI Forecast is a monthly projection of home prices built on the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

“Home prices are continuing to climb across most of the country which has both positive and negative implications for the housing market,” said Anand Nallathambi, president and CEO of CoreLogic.

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