From: Lori Guyton [lguyton@cvic.com]
Sent: Tuesday, July 13, 2010 8:43 AM
To: Wasserman, Jim - Sacramento
Subject: Sacramento-Arden-Arcade-Roseville Real Estate News and Trends
CoreLogic SACRAMENTO--ARDEN-ARCADE--ROSEVILLE Real Estate News and Trends


Media Contacts Below

Media Alert: July 13, 2010

CoreLogic Home Price Index Shows Continued Increases in Home Prices for both Year-Over-Year and Month-Over-Month Figures In May

Home Prices in Sacramento--Arden-Arcade--Roseville Increase

SANTA ANA, Calif., July 13, 2010 CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its Home Price Index (HPI) which shows that home prices in the U.S. increased in May, the fourth-consecutive month showing a year-over-year increase. According to the CoreLogic HPI, national home prices, including distressed sales, increased by 2.9 percent in May 2010 compared to May 2009 and increased by 3.5 percent* in April 2010 compared to April 2009. Excluding distressed sales, year-over-year prices only increased by 0.9 percent in May, and April's non-distressed HPI increased by 0.4 percent.

On a month-over-month basis, May's HPI was 0.9 percent higher than the April 2010 HPI, but the rate of increase was lower than the 1.3 percent gain from March 2010 to April 2010.

Home Prices in Sacramento--Arden-Arcade--Roseville Increase

In Sacramento--Arden-Arcade--Roseville, home prices, including distressed sales, increased by 0.87 percent in May 2010 compared to May 2009. This compares to April's year-over-year HPI, which was 0.10 percent. Excluding distressed transactions, year-over-year HPI for May is -1.35 percent, compared to April which was -0.23 percent.

National Highlights as of May 2010

  • The top five states with the highest appreciation in May, including distressed sales, were: Vermont (+5.1 percent), Rhode Island (+5.5 percent), Massachusetts (+5.7 percent), Virginia (+6.8 percent), and California (+7.9 percent).
  • The top five states with the greatest depreciation in May, including distressed sales, were: Idaho (-6.6 percent), Alabama (-5.3 percent), New Mexico (-4.2 percent), Maryland (-3.1 percent) and Wyoming (-3.1 percent).
  • Excluding distressed sales, the top five states in terms of appreciation in May were: California (+6.1 percent), Virginia (+3.8 percent), Mississippi (+3.8 percent), District of Columbia (+3.7 percent), and South Dakota (+3.6 percent).
  • Excluding distressed sales, the states with the greatest depreciation in May were: Nevada (-7.9 percent), Arizona (-6.3 percent), Michigan (-5.4 percent), Florida (-3.3 percent) and Washington (-3.0 percent).
  • Including distressed sales, 60 of the top 100 Core Based Statistical Areas (CBSAs) increased on a year-over-year basis in May. The number of CBSAs with increasing HPI has been improving since April 2009 when all of the top 100 CBSAs had price declines.
  • Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to May 2010) is -28.5 percent. Excluding distressed properties, the peak-to-current change in the HPI for the same period is -20.2 percent. The recent increases in prices are being driven by the lower priced homes and homes that were purchased at the peak or shortly thereafter and which had experienced the greatest price declines. For homes priced at 75 percent or lower than the median, prices increased 5.2 percent over a year ago, compared to a 2.0 percent year-over-year for homes priced at 125 percent of the median or more. Prices for homes sold within the last five years increased 4.3 percent from a year ago, compared to a 0.5 percent increase for homes that sold more than five years ago.

"Home price appreciation stabilized as homebuyer tax credit driven sales peaked in late spring," said Mark Fleming, chief economist for CoreLogic. "But given that the labor market and income growth remain tepid we expect prices to moderate and possibly decline the rest of the year."

Full-month May 2010 national, state-level and top CBSA-level data can be found at http://www.corelogic.com/About-Us/ResearchTrends/Home-Price-Index-Report---May-2010.aspx.

May HPI for the Country's Largest Core Based Statistical Areas (CBSAs):

CBSA May 2010 12 Month HPI
Change by CBSA
Single Family Combined Single Family Combined Excluding Distressed
Philadelphia, PA -3.2% -3.9%
Chicago-Joliet-Naperville, IL -2.1% -2.2%
New York-White Plains-Wayne, NY-NJ -0.1% 0.8%
Phoenix-Mesa-Glendale, AZ 1.4% -4.9%
Dallas-Plano-Irving, TX 1.5% 1.9%
Atlanta-Sandy Springs-Marietta, GA 4.0% -0.4%
Houston-Sugar Land-Baytown, TX 4.7% 1.0%
Los Angeles-Long Beach-Glendale, CA 5.6% 5.5%
Washington-Arlington-Alexandria, DC-VA-MD-WV 6.7% 6.1%
Riverside-San Bernardino-Ontario, CA 7.9% 5.7%

Source: CoreLogic HPI as of May 2010.

May HPI State and National Ranking:

State May 2010 12 Month HPI
Change by State
Single Family Combined Single Family Combined Excluding Distressed
National 2.9% 0.9%
Idaho -6.6% -2.3%
Alabama -5.3% -1.4%
New Mexico -4.2% -2.6%
Maryland -3.1% 0.5%
Wyoming -3.1% -0.3%
Oregon -2.9% -2.1%
Nevada -2.8% -7.9%
Louisiana -2.7% 0.1%
Washington -2.6% -3.0%
Pennsylvania -2.3% -1.9%
Illinois -2.1% -2.0%
Alaska -2.0% -0.1%
Florida -1.9% -3.3%
Mississippi -1.6% 3.8%
Utah -1.4% -0.1%
Arizona -1.3% -6.3%
New Jersey -1.0% -0.4%
North Carolina -0.7% -1.2%
Kansas -0.5% -0.3%
North Dakota -0.4% -0.8%
Tennessee -0.1% 1.1%
Indiana 0.7% -1.8%
New York 1.0% 2.2%
Wisconsin 1.2% 0.0%
Michigan 1.3% -5.4%
Delaware 1.3% 2.6%
Kentucky 1.3% 0.9%
Texas 1.5% 0.7%
Connecticut 1.6% 0.8%
Oklahoma 1.9% 1.1%
West Virginia 2.0% 0.4%
Hawaii 2.3% 1.5%
District of Columbia 2.4% 3.7%
Missouri 2.5% 1.5%
Georgia 2.7% -1.2%
Iowa 2.8% 2.1%
Colorado 2.8% 0.9%
Arkansas 2.9% 0.7%
National 2.9% 0.9%
New Hampshire 3.0% 1.9%
Minnesota 3.2% 0.4%
South Carolina 3.2% 0.6%
Nebraska 3.3% 1.6%
Montana 3.5% 1.2%
Ohio 3.8% 0.7%
South Dakota 4.1% 3.6%
Maine 4.6% 1.8%
Vermont 5.1% 2.2%
Rhode Island 5.5% 0.4%
Massachusetts 5.7% 3.0%
Virginia 6.8% 3.8%
California 7.9% 6.1%

Source: CoreLogic HPI as of May 2010.

2010 Month HPI Change as of May 2010 | Single Family Combined series | Source: CoreLogic

2010 Month HPI Change as of May 2010 | Single Family Combined Excluding Distressed series | Source: CoreLogic

*April 2010 data was revised up from 2.6 percent to 3.5 percent. Revisions with public record data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.

Methodology:

The CoreLogic HPI incorporates more than 30 years worth of repeat sales transactions, representing more than 55 million observations sourced from CoreLogic industry-leading property information and its securities and servicing databases. The CoreLogic HPI provides a multi-tier market evaluation based on price, time between sales, property type, loan type (conforming vs. nonconforming), and distressed sales. The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, which provides a more accurate "constant-quality" view of pricing trends than basing analysis on all home sales. The CoreLogic HPI provides the most comprehensive set of monthly home price indices and median sales prices available covering 6,208 ZIP codes (58 percent of total U.S. population), 572 Core Based Statistical Areas (85 percent of total U.S. population) and 1,027 counties (82 percent of total U.S. population) located in all 50 states and the District of Columbia.

 


Media Contacts:

For real estate industry and trade media:
Bill Campbell
bill@campbelllewis.com
(212) 995.8057 (office)
(917) 328.6539 (mobile)
For general news media:
Lori Guyton
lguyton@cvic.com
(901) 277.6066