More good news for Idaho real estate released by CoreLogic today when they announced that U.S. home prices rose for a tenth consecutive month on a year-over-year basis in December-posting the biggest gain in more than six years! Idaho is among the top five states with the highest home price appreciation, including distressed sales.
CoreLogic is an American corporation that provides property, consumer and financial information. CoreLogic develops proprietary research, including current and historical trends in the real estate industry. CoreLogic's home price index rose 0.4 percent from the previous month and added 8.3 percent as compared with December 2011. This year-on-year leap is the biggest increase the index has experienced since May of 2006.
Excluding distressed sales, home prices were up by 7.5 percent on a yearly basis and 0.9 percent compared to the previous month. Oftentimes homeowners who are faced with the danger of foreclosure or are in "distress," will sell their homes at significantly reduced prices.
While the housing market is not without its hurdles, such as tight access to mortgages and ongoing foreclosures, seeing a ten-month-in-a-row track of steady price increases is certainly helping cement the way for a mended housing market.
Idaho home buyers as well as those across the nation continue to be enticed by historically low interest rates as the Federal Reserve's latest stimulus efforts are striving to keep these rates low.
According to Anand Nallathambi, the president and chief executive of CoreLogic, "we are heading into 2013 with home prices on the rebound. The upward trend in home prices in 2012 was broad based with 46 of 50 states registering gains for the year." He went on to say that all signals are pointing to an improvement that is ongoing for the fundamentals that bolster the U.S. housing market recovery.
The thing to notice is the big difference between the pace of recovery in different states across the nation with a wide variety of impact on house prices. Idaho continues to outpace the rise in home values across the nation with a 14.6 percent increase.
Including the sales of distressed properties, the other top states with the highest home price appreciation included Arizona, Nevada, California and Hawaii.
Idaho is no stranger to CoreLogic's nationwide study of rising home prices. Idaho enjoyed ranking on the list beginning last year as home prices in and around Boise have been increasing since the onset of 2012.