CoreLogic home price index shows U.S. prices up slightly in June
U.S. home prices, including foreclosures and other distressed properties, rose 0.7% in June when compared to the prior month, according to a home price index released Wednesday, though some of that increase is probably due to seasonal variations.
But the home price index, which includes foreclosures and other so-called distressed properties, fell by 6.8% in June when compared to the same month a year earlier, according to Santa Ana research firm CoreLogic
Excluding foreclosures and other distressed properties, prices were up 1.5% from May to June. They fell 1.1% when compared to the same month a year prior. Distressed sales include foreclosure properties, as well as short sales, a transaction for which the bank allows a property to be sold for less than the outstanding debt on the property.
"While there is a consistent and sustained seasonal improvement in prices over the last three months, prices are lower than a year ago due to the decline in prices after the expiration of the tax credit last year," CoreLogic chief economist Mark Fleming said in a statement. "Price declines are more concentrated in the distressed sales market."
While the Case-Shiller index is the most widely followed home price gauge, many economists and analysts also look to the CoreLogic home price index as a read to where the housing market is headed.
-- Alejandro Lazo
Photo: A recently sold home in Springfield, Ill. Credit: Seth Perlman / Associated Press