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CoreLogic: Home prices in SD-area market up in November

Home prices, including distressed sales, increased by 6 percent in November 2012 compared to November 2011 in the San Diego-Carlsbad-San Marcos area, according to CoreLogic’s November HPI report.

Home prices, including distressed sales, increased by 1.1 percent in November 2012 compared to October 2012.

Excluding distressed sales, year-over-year prices increased by 8.1 percent in November 2012 compared to November 2011, and increased by 5.6 percent in October 2012 compared to October 2011.

On a month-over-month basis, excluding distressed sales, the CoreLogic HPI indicates home prices increased by 1.7 percent in November 2012 compared to October 2012.

California was among the five states with the highest home-price appreciation including distressed sales: Arizona (+20.9 percent), Nevada (+14.2 percent), Idaho (+13.8 percent), North Dakota (+11.3 percent), California (+11.1 percent).

Including distressed transactions, the peak-to-current change in the national HPI -- from April 2006 to November 2012 -- was minus 26.8 percent.

Excluding distressed transactions, the peak-to-current change in the HPI for the same period was minus 20.7 percent.

The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-52.9 percent), Florida (-44.3 percent), Arizona (-39.8 percent), California (-35.8 percent) and Michigan (-35.4 percent).

Home prices nationwide, including distressed sales, increased 7.4 percent in November 2012 compared to November 2011.

This change represents the biggest increase since May 2006 and the ninth consecutive increase in home prices nationally on a year-over-year basis.

Including distressed sales, home prices increased by 0.3 percent in November 2012 compared to October 2012.

The HPI analysis shows that all but six states are experiencing year-over-year price gains.

Excluding distressed sales, home prices nationwide increased 6.7 percent in November 2012 compared to November 2011.

Excluding distressed sales, home prices increased 0.9 percent in November 2012 compared to October 2012. Distressed sales include short sales and real estate owned (REO) transactions.

The CoreLogic Pending HPI indicates that December 2012 home prices, including distressed sales, are expected to rise by 7.9 percent on a year-over-year basis from December 2011 and fall by 0.5 percent on a month-over-month basis from November 2012, reflecting a seasonal winter slowdown.

Excluding distressed sales, December 2012 house prices are poised to rise 8.4 percent from December 2011 and by 0.7 percent from November 2012.

The CoreLogic Pending HPI is a proprietary and exclusive metric that provides the most current indication of trends in home prices. It is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month.

"As we close out 2012 the pending index suggests prices will remain strong," said Mark Fleming, chief economist for CoreLogic (NYSE: CLGX).

"Given that the recently released Qualified Mortgage rules issued by the Consumer Financial Protection Bureau are not expected to significantly restrict credit availability relative to today, the gains made in 2012 will likely be sustained into 2013," he said.

"For the first time in almost six years, most U.S. markets experienced sustained increases in home prices in 2012," said Anand Nallathambi, president and CEO of CoreLogic. "We still have a long way to go to return to 2005-2006 levels, but all signals currently point to a progressive stabilization of the housing market and the positive trend in home price appreciation to continue into 2013."

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