WASHINGTON (MNI) – The following is a text from data analytics
provider CoreLogic saying that October home prices rose 6.3%
year-over-year and 0.2% from Septemeber:

Home prices nationwide, including distressed sales, increased on a
year-over-year basis by 6.3 percent in October 2012 compared to October
2011. This change represents the biggest increase since June 2006 and
the eighth consecutive increase in home prices nationally on a
year-over-year basis. On a month-over-month basis, including distressed
sales, home prices decreased by 0.2 percent in October 2012 compared to
September 2012*. Decreases in month-over-month home prices are expected
as the housing market enters the offseason. The HPI analysis from
CoreLogic shows that all but five states are experiencing year-over-year
price gains.

Excluding distressed sales, home prices nationwide also increased
on a year-over-year basis by 5.8 percent in October 2012 compared to
October 2011. On a month-over-month basis excluding distressed sales,
home prices increased 0.5 percent in October 2012 compared to September
2012, the eighth consecutive month-over-month increase. Distressed sales
include short sales and real estate owned (REO) transactions.

The CoreLogic Pending HPI indicates that November 2012 home prices,
including distressed sales, are expected to rise by 7.1 percent on a
year-over-year basis from November 2011 and fall by 0.3 percent on a
month-over-month basis from October 2012 as sales exhibit a seasonal
slowdown going into the winter. Excluding distressed sales, November
2012 house prices are poised to rise 7.4 percent year-over-year from
November 2011 and by 0.5 percent month-over-month from October 2012. The
CoreLogic Pending HPI is a proprietary and exclusive metric that
provides the most current indication of trends in home prices. It is
based on Multiple Listing Service (MLS) data that measure price changes
for the most recent month.

“The housing recovery that started earlier in 2012 continues to
gain momentum,” said Mark Fleming, chief economist for CoreLogic. “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.”

“We are seeing an ongoing strengthening of the residential housing
market,” said Anand Nallathambi, president and CEO of CoreLogic.
“Reduced inventories and improving buyer demand are contributing to
stability and growth in home prices, which is essential to the long term
health of the housing market and the broader economy.”

Highlights as of October 2012:

– Including distressed sales, the five states with the highest home
price appreciation were: Arizona (+21.3 percent), Hawaii (+13.2
percent), Idaho (+12.4 percent), Nevada (+12.4 percent) and North Dakota
(+10.4 percent).

– Including distressed sales, the five states with the greatest
home price depreciation were: Illinois (-2.7 percent), Delaware (-2.7
percent), Rhode Island (-0.6 percent), New Jersey (-0.6 percent) and
Alabama (-0.3 percent).

– Excluding distressed sales, the five states with the highest home
price appreciation were: Arizona (+16.6 percent), Hawaii (+12.2
percent), Nevada (+10.8 percent), Idaho (+9.7 percent) and California
(+9.7 percent).

– Excluding distressed sales, this month only three states posted
home price depreciation: Delaware (-2.1 percent), Alabama (-1.5 percent)
and New Jersey (-0.2 percent).

– Including distressed transactions, the peak-to-current change in
the national HPI (from April 2006 to October 2012) was -26.9 percent.
Excluding distressed transactions, the peak-to-current change in the HPI
for the same period was -20.6 percent.

– The five states with the largest peak-to-current declines,
including distressed transactions, were Nevada (-53.5 percent), Florida
(-44.5 percent), Arizona (-40.2 percent), California (-36.6 percent) and
Michigan (-35.3 percent).

– Of the top 100 Core Based Statistical Areas (CBSAs) measured by
population, 17 are showing year-over-year declines in October, four
fewer than in September.

** MNI Washington Bureau: 202-371-2121 **

[TOPICS: M$$AG$,M$U$$$,MAUDS$]