""CoreLogic"":http://www.corelogic.com/ was the bearer of some positive housing market news recently, with its announcement that home pricing is on the rise for the third consecutive month. Data from CoreLogic indicates that the results from its Home Price Index (HPI) for June demonstrate a 0.7 percent increase in the market, building on similar statistical improvements recorded in May and April.[IMAGE]
CoreLogic notes that pricing is still depressed by 6.8 percent compared to last year's numbers, but the company states that recent declines in distressed sales, which dropped by 6.8 percent in June, may account for the advancing HPI.
Commenting on the report, CoreLogic's chief economist, said, ""While there is a consistent and sustained seasonal improvement in prices over the last three months, prices are lower than a year ago due to the decline in prices after the expiration of the tax credit last year.├âÔÇÜ├é┬á
""The difference between the overall HPI and our index excluding distressed sales indicates that the price declines are more concentrated in the distressed sales market,"" he said.[COLUMN_BREAK]
CoreLogic's statistics, those that encompass distressed sales, indicated that states recording the highest rise in home pricing include New York (3.3 percent increase), the District of Columbia (2.4 percent increase), North Dakota (1.2 percent increase), Alaska (0.1 percent increase), and Nebraska (0.1 percent increase).
The bottom five, each of which showed a depreciation in home pricing, include Nevada (12.4 percent decline), Idaho (12.3 percent decline), Arizona (12.3 percent decline), Illinois (12.2 percent decline), and Minnesota (9.6 percent decline).
When distressed sales are eliminated, the five states that represented the greatest increase in HPI are North Dakota, New York, West Virginia, Texas, and Vermont, and the top five struggling states are Nevada, Arizona, Mississippi, Minnesota, and Delaware.
Other results from CoreLogic's study calculated the peak-to-current change in the national HPI between April 2006 and June 2011, which showed a decline of 31.7 percent, including distressed sales.
Additionally, the company's look at top 100 Core Based Statistical Areas measured by population demonstrated that 86 regions experienced a year-over-year decrease, dropping by five areas recording losses in May.
California-based CoreLogic is a key source of consumer, financial, and property information around the U.S., and the company, which provides its analysis for businesses and the government, boasts the most comprehensive database of national housing information.