Home Prices on the Rise

nationalmortgagenews tells MHProNews the CoreLogic house price index (HPI) rose 1.3 percent in July, marking the fifth consecutive monthly increase, and following the same increase in June over May 2012. The HPI is up 3.8 percent over July 2011, which is the largest increase year-over-year since Aug. 2006. CoreLogic’s chief economist Mark Fleming expects the increase in Aug. to also be 1.3 percent. Excluding short sales and foreclosures, sales are up in July month-over-month by 1.7 percent. Even with the seasonal slow down expected in home buying in the latter part of the year, “we expect a positive gain in price levels for the full year.”

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