Home Prices Anticipated to Rise at Fastest Pace Since 1977

Housing prices saw a booming recovery for the first half of 2013, with values increasing nearly 10-percent. Experts note that this gain is the fastest increase to hit the housing market since 1977.

The CoreLogic Home Price Index, otherwise known as HPI, includes all real estate sales, including distressed property sales. Overall, real estate sales showed a marked increase from 1.9-percent in May 2013 – up 11.9-percent from June 2012. This marks the 16th consecutive month where an increase in home sales prices have been reported.

When distressed home sales are excluded from the aforementioned figures, the annual increase was 11-percent, with a change of 1.8-percent from May to June. These distressed sales, by definition, include both bank-owned and short sale properties.

Despite the recent marked real estate property gains, overall home prices are nearly 19-percent below peak values, which were established in April 2006. When excluding distressed sales, prices have decreased a total of 14-percent from that same time period.

Alaska, Nebraska, Colorado, Texas, North and South Dakota, Wyoming and Washington D.C. have returned to their pre-real estate bubble values with reports showing peak-to-current declines at more than 50-percent over the national average. States that are still greatly suffering real estate setbacks include Nevada, Arizona, Florida, Michigan and Rhode Island.

The U.S. states with the highest home value/price appreciation include California, Nevada, Wyoming, Georgia and Arizona. Only two states experienced decreasing prices this summer with Delaware seeing negative 1.1-percent and Mississippi negative 2.1-percent.

All reports showed that there were no U.S. states where home prices, which excluded distressed sales, were down.

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