CoreLogic: Housing Market will Cool in 2014

According to CoreLogic, home prices in the U. S. rose 11.8 percent in November, 2013 compared to Nov. 2012, marking the 21st consecutive month of yearly increases. “Our pending HPI (Home Price Index) projects that home prices will grow by 11.5 percent for the full year 2013,” Dr. Mark Fleming, chief economist for CoreLogic, said in the report. “That will make 2013 the best year for home-price appreciation since 2005.” However, compared to the prior month prices rose only 0.1 percent, following an increase of 0.2 percent in October. While it is anticipated December prices will show a decrease from Nov. of 0.1 percent, year-over-year Dec. prices will slow to an 11.5 increase, as MHProNews has learned from CoreLogic expects slower appreciation in 2014. Anand Nallathambi, president of CoreLogic, says, “On a year-over-year basis, home prices have appreciated every month in 2013. Twenty-one states and the District of Columbia are now at or within 10 percent of their peaks. The outlook for 2014 looks a bit less robust as regulatory complexities and tight credit can be expected to cool the housing market.”

(Image credit: housingwirecom)

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