U.S. home prices rose 0.7% in June from May, according to a home price index released Wednesday, although some of that increase is probably the result of seasonal variations.
The home price index, which includes so-called distressed properties, fell by 6.8% in June when compared with the same month last year, according to Santa Ana research firm CoreLogic.
Excluding foreclosures and other distressed properties, prices were up 1.5% in June over May. They fell 1.1% when compared with June 2010. Distressed sales include foreclosure properties as well as short sales, a transaction in which the bank allows a property to be sold for less than the outstanding debt on the property.
“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,” CoreLogic Chief Economist Mark Fleming said.
The most recent Standard & Poor’s/Case-Shiller index of prices in 20 major metropolitan areas showed a 1% increase in May compared with April but a 4.5% decline from May 2010. The Case-Shiller index is probably the most widely followed home-price gauge, but many economists and analysts also look to the CoreLogic home price index as an indicator of where the housing market is headed.
Alejandro Lazo, latimes.com “Read Full Story”
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