Market Report: National Real Estate Market Making Steady Progress

Monday, October 29, 2012

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It is only good news from the recent Home Price Index Report by Corelogic with the data showing that national home prices jumped by 4.6 percent in a year from August 2011 to August of this year. This is really encouraging and gives reason to be optimistic being the largest increase in home prices in over six years. house market rising trend

It was found that the biggest gainers in the country were Arizona, Idaho and Utah with Arizona showing a large increase of 18.2 percent across all sales of homes. Corelogic takes into account data that includes distressed sales (short sales and Real Estate Owned transactions) and also excluding distressed sales. When excluding distressed sales, Arizona saw a 13 percent increase. Large increases of 8.9 percent and 8.6 percent in Utah and Idaho respectively were seen and these rose to 10 and 10.4 percent when taking into account distressed sales.

On the other hand there were not price increases in every state, with Rhode Island falling by 1.7 percent rising to 2.6 percent if including distressed sales. New Jersey had a 1.4 percent drop with and without distressed sales whilst Arizona showed the smallest decrease of 0.4 percent and just 0.7 percent when factoring in distressed sales. However, only these three states showed any decrease in prices and they were not large.

With Corelogic predicting that House prices will have undergone a seventh month of annual increase in September, the national housing market is in a positive place.

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