Home Prices on Rise

CoreLogic released its April Home Price Index (HPI) report today. According to this report, home prices nationwide (including distressed sales) increased on a year-over-year basis by 1.1 percent in April of 2012 compared to April of 2011. On a month-over-month basis, home prices (again – including distressed sales) increased by 2.2 in April of 2012. Percentage increases are even higher when distressed sales are excluded.

“Excluding distressed sales, home prices in March and April are improving at a rate not seen since late 2006 and appreciating at a faster rate than during the tax-credit boomlet in 2010,” said Mark Fleming, chief economist for CoreLogic. “Nationally, the supply of homes in current inventory is down to 6.5 months, a level not seen in more than five years, in part driven by the ‘locked in’ position of so many homeowners in negative equity.”

Other Highlights of CoreLogic’s April 2012 Report:

• Including distressed sales, the five states with the highest appreciation were: Arizona (+8.8 percent), District of Columbia (6.4 percent), Florida (+5.5 percent), Montana (+5.4 percent), and Utah (+5.4 percent).
• Including distressed sales, the five states with the greatest depreciation were: Delaware (-11.9 percent), Illinois (-6.8 percent), Alabama (-6.6 percent), Rhode Island (-6.2 percent), and Georgia (-5.6 percent).
• Excluding distressed sales, the five states with the highest appreciation were: Utah (+5.3 percent), Idaho (+5.1 percent), Mississippi (+4.7 percent), Louisiana (+4.6 percent) and Arizona (+4.6 percent).
• Excluding distressed sales, the five states with the greatest depreciation were: Delaware (-10.1 percent), Rhode Island (-6.2 percent), Alabama (-4.4 percent), Vermont (-2.8 percent) and Connecticut (-2.3 percent).
• Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to April 2012) was -31.7 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -23.3 percent.
• The five states with the largest peak-to-current declines including distressed transactions are Nevada (-58.9 percent), Florida (-46.5 percent), Arizona (-46.5 percent), Michigan (-43.6 percent) and California (-41.0 percent).
• Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 44 are showing year-over-year declines in April, 10 fewer than in March.

Whether you are considering a new home purchase or want to refinance at lower rates – Inlanta Mortgage loan officers can help you determine which home financing solution best meets your needs. Rates remain at record lows – contact a loan professional today to get started.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage has recently earned the distinction of being named a 2012 Top Workplace in Southeastern Wisconsin.