CoreLogic has released its Home Price Index (HPI), which shows that home prices in the U.S. increased in June – the fifth consecutive month showing a year-over-year increase. According to the CoreLogic HPI, national home prices – including distressed sales – increased by 1.4% in June compared to June 2009 and increased by 3.7% in May 2010 compared to May 2009 (revised from 2.9%).
The deceleration in June was most pronounced in more expensive and distressed segments of the market. Excluding distressed sales, year-over-year prices only increased by 0.2% in June, and May's non-distressed HPI increased by 0.5%.
‘Home-price volatility and collateral risk remain very high; the stabilization phase and policy intervention since the spring of 2009 has run its course," says Mark Fleming, CoreLogic's chief economist. "Prices are expected to further moderately decline as the economy remains weak through the fall.’