Home prices post highest gains in 6 years

Home prices in August posted the largest annual increase in over six years according to data released this morning by CoreLogic.  The company’s August Home Price Index (HPI) was up 3.6 percent over the August 2011 index number and was 0.3 percent above the index in July 2012.  This is the sixth consecutive month that home prices have increased nationally on both a month-over-month and year-over-year basis.  CoreLogic’s HPI, which includes distressed sales, increased in all but six states

“Again this month prices rose on a year-over-year basis and our expectation is for that to continue in September based on our pending HPI forecast,” said Mark Fleming, chief economist for CoreLogic. “The housing markets gains are increasingly geographically diverse with only six states continuing to show declining prices.”

  “Sustained economic recovery in theU.S.requires a healthy housing market. You cannot have a healthy housing market without price stabilization and ultimately home price appreciation,” said Anand Nallathambi, president and CEO of CoreLogic. “Improving pricing trends over the past few months and our forecast for continued gains in September bode well for a progressive rebound in the residential housing market.”

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