May 08, 2012, Santa Ana, Calif. -
CoreLogic® (NYSE: CLGX), a leading provider of information,
analytics and business services, today released its March
Home Price Index (HPI®) report which shows that nationally
home prices, including distressed sales, declined on a
year-over-year basis by 0.6 percent in March 2012 compared
to
March 2011. On a month-over-month basis, home prices,
including distressed sales, increased by 0.6 percent in
March 2012 compared to
February 2012, the first month-over-month increase
since
July 2011.
Excluding distressed sales, month-over-month prices
increased for the third month in a row. The CoreLogic HPI
also shows that year-over-year prices, excluding distressed
sales, rose by 0.9 percent in March 2012 compared to March
2011. Distressed sales include short sales and real estate
owned (REO) transactions.
"This spring the housing market is responding to an
improving balance between real estate supply and demand
which is causing stabilization in house prices," said Mark
Fleming, chief economist for CoreLogic. "Although this has
been the case in each of the last two years, the difference
this year is that stabilization is occurring without the
support of tax credits and in spite of a declining share of
REO sales."
"While housing prices remain flat nationally, in many
markets tighter inventories are beginning to lift home
prices," said Anand Nallathambi, president and chief
executive officer of CoreLogic. "This is true in Phoenix,
New York and Washington, for example, which all reflect
higher home price values than a year ago. A continuation of
this trend will be good for our industry across U.S.
markets."
Highlights as of March 2012
-
Including distressed sales, the five states with the
highest appreciation were: Wyoming (+5.9
percent), West Virginia (+5.3 percent), Arizona (+5.1
percent), North Dakota (+4.7 percent) and Florida (+4.5
percent).
-
Including distressed sales, the five states with the
greatest depreciation were: Delaware (-10.6
percent), Illinois (-8.3 percent), Alabama (-8.0
percent), Georgia (-7.3 percent) and Nevada (-5.8
percent).
-
Excluding distressed sales, the five states with the
highest appreciation were: Idaho (+5.4 percent),
North Dakota (+5.1 percent), South Carolina (+4.7
percent), Montana (+3.5 percent) and Kansas (+3.4
percent).
-
Excluding distressed sales, the five states with the
greatest depreciation were: Delaware (-7.6
percent), Alabama (-4.1 percent), Nevada (-3.9 percent),
Vermont (-3.9 percent) and Rhode Island (-2.9 percent).
-
Including distressed transactions, the peak-to-current
change in the national HPI (from April 2006 to March
2012) was -33.7 percent. Excluding distressed
transactions, the peak-to-current change in the HPI for
the same period was -24.5 percent.
-
The five states with the largest peak-to-current declines
including distressed transactions are Nevada (-59.9
percent), Arizona (-48.6 percent), Florida (-48.1
percent), Michigan (-45.1 percent) and California (-42.7
percent).
-
Of the top 100 Core Based Statistical Areas (CBSAs)
measured by population, 57 are showing year-over-year
declines in March, eight fewer than in February.
Full-month February 2012 national, state-level and top
CBSA-level data can be found at http://www.corelogic.com/HPIMarch2012.
*February data was revised. Revisions with public records
data are standard, and to ensure accuracy, CoreLogic
incorporates the newly released public data to provide
updated results.
Methodology
The CoreLogic HPI incorporates more than 30 years' worth of
repeat sales transactions, representing more than 65
million observations sourced from CoreLogic
industry-leading property information and its securities
and servicing databases. The CoreLogic HPI provides a
multi-tier market evaluation based on price, time between
sales, property type, loan type (conforming vs.
nonconforming) and distressed sales. The CoreLogic HPI is a
repeat-sales index that tracks increases and decreases in
sales prices for the same homes over time, including
single-family attached and single-family
detached homes, which provides a more accurate
"constant-quality" view of pricing trends than
basing analysis on all home sales. The CoreLogic HPI
provides the most comprehensive set of monthly home price
indices and median sales prices available covering 6,688
ZIP codes (58 percent of total U.S. population), 617 Core
Based Statistical Areas (86 percent of total U.S.
population) and 1,166 counties (84 percent of total U.S.
population) located in all 50 states and the District of
Columbia.
About CoreLogic
CoreLogic (NYSE: CLGX) is a leading provider of consumer,
financial and property information, analytics and services
to business and government. The Company combines public,
contributory and proprietary data to develop predictive
decision analytics and provide business services that bring
dynamic insight and transparency to the markets it serves.
CoreLogic has built one of the largest and most
comprehensive U.S. real estate, mortgage application,
fraud, and loan performance databases and is a recognized
leading provider of mortgage and automotive credit
reporting, property tax, valuation, flood determination,
and geospatial analytics and services. More than one
million users rely on CoreLogic to assess risk, support
underwriting, investment and marketing decisions, prevent
fraud, and improve business performance in their daily
operations. The Company, headquartered in Santa Ana,
Calif., has approximately 5,000 employees globally. For
more information visit www.corelogic.com.
Source: CoreLogic
The data provided is for use only by the primary recipient
or the primary recipient's publication or broadcast.
This data may not be re-sold, republished or licensed to
any other source, including publications and sources owned
by the primary recipient's parent company without prior
written permission from CoreLogic. Any CoreLogic data used
for publication or broadcast, in whole or in part, must be
sourced as coming from CoreLogic, a data and analytics
company. For use with broadcast or web content, the
citation must directly accompany first reference of the
data. If the data is illustrated with maps, charts, graphs
or other visual elements, the CoreLogic logo must be
included on screen or web site. For questions, analysis or
interpretation of the data, contact Lori Guyton at lguyton@cvic.com or Bill
Campbell at bill@campbelllewis.com.
Data provided may not be modified without the prior written
permission of CoreLogic. Do not use the data in any
unlawful manner. This data is compiled from public records,
contributory databases and proprietary analytics, and its
accuracy is dependent upon these sources.
CORELOGIC, the stylized CoreLogic logo and HPI are
registered trademarks owned by CoreLogic, Inc. and/or its
subsidiaries. No trademark of CoreLogic shall be used
without the express written consent of CoreLogic.
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