Home prices up the most since 2006
This change represents the ninth consecutive month of year-over-year price gains and the largest increase since May 2006. Distressed sales excluded, home prices jumped 6.7% from last year in November 2012.
According to CoreLogic’s HPI report, all but six states experienced annual price gains in November: Connecticut, Delaware, Illinois, New Jersey, Pennsylvania and Rhode Island.
Conversely, the five states with the highest home price appreciation are Arizona, Nevada, Idaho, North Dakota and California.
"For the first time in almost six years, most U.S. markets experienced sustained increases in home prices in 2012," said Anand Nallathambi, president and CEO of CoreLogic. "We still have a long way to go to return to 2005-2006 levels, but all signals currently point to a progressive stabilization of the housing market and the positive trend in home price appreciation to continue into 2013."
Home prices, including distressed sales, in December 2012 are expected to rise by 7.9% compared to the previous December, according to the CoreLogic Pending HPI. Without distressed sales, December 2012 house prices could potentially increase by 8.4% year-over-year.
"As we close out 2012 the pending index suggests prices will remain strong," said Mark Fleming, chief economist for CoreLogic. "Given that the recently released Qualified Mortgage rules issued by the Consumer Financial Protection Bureau are not expected to significantly restrict credit availability relative to today, the gains made in 2012 will likely be sustained into 2013."
Click on the image below to see a full map of the CoreLogic November HPI numbers.