Home Prices Nudge up in May

OriginationNews states the CoreLogic House Price Index (HPI) notched its third consecutive monthly increase as house prices rose 1.8% in May, an increase of two percent over May 2011, and is expected to rise another 1.4% in June. Anand Nallathambi, president and chief executive officer of CoreLogic says the limited inventory of homes for sale is driving the price gains, however modest, even in the toughest markets such as Phoenix. Subtracting short sales and foreclosures, the HPI increase for May is 2.3%. The increase for homes priced 75% below the median is up 5.7% over a year ago, whereas homes priced 125% or more above the median rose 1.8%, a potentially good indicator for manufactured housing, MHProNews.com has learned.

((Photo credit: MortgageBroker)

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