December 3rd, 2013 12:14 PM by Jackie A. Graves, President
CoreLogic said today that month-over-month increases in home prices slowed to fractional numbers in October even as year-over-year increases continued for the 20th consecutive month. The company's Home Price Index (HPI) which includes both equity and distressed sales was up 0.2 percent from September to October and was 12.5 percent higher than one year earlier.
Increases in the HPI peaked in April when prices rose 2.68 percent on a month-over-month basis. The increases have slowed every month since. The increase from July to August was 0.67 percent and from August to September 0.5 percent.
CoreLogic's HPI which excludes distressed sales increased by 0.4 percent in October and by 11.0 percent compared to October 2012. Distressed sales include short sales and sales of lender-owned (REO) property
Nine states had annual price increases (including distressed sales) that exceeded the national HPI. Nevada continued to lead with the largest increase at 25.9 percent followed by California (22.4 percent,) Georgia (14.2 percent,) Michigan (14.1 percent,) and Arizona (14.0 percent.) New Mexico was the only state where this HPI depreciated from one year ago, declining by a half percent.