The CoreLogic Home Price Index for May increased 0.8% over April but declined by 7.4% when compared with May 2010. Take out distressed sales, and year-over-year prices declined by a mere 0.4% when compared with May 2010. That follows a 0.8% year-over-year decline when distressed sales were removed from the equation for April.
“Two consecutive months of month-over-month growth and continued relative strength in the non-distressed market segment are positive seasonal signs in the housing market. Slowly declining shadow inventory and stabilized negative equity levels are also positive signs. Nonetheless, the fragile economic recovery is still critical to the long-term recovery in the housing market,” said Mark Fleming, chief economist for CoreLogic.
Including distressed sales, the five states with the highest appreciation were: New York (up 4.4%), Vermont (3.9%), North Dakota (3.8%), Hawaii (2.5%) and the District of Columbia (0.5%).
At the other end of the spectrum, the five states with the greatest depreciation in price, including distressed sales in the calculation, were: Idaho (down 16.4%), Michigan (down 12.9%), Arizona (down 12.1%), Illinois (down 11.8%) and Nevada (down 11.6%).
Out of the nation's major metropolitan areas, only the New York City metro area was up year-over-year when distressed sales were included, by 3%. When you take out distressed sales, the price index increased 4.6%. At the other end of the spectrum, including distressed sales, the index for the Chicago area was down 12.8%, and for the Phoenix area, down 11.4%.
