U.S. Home Prices Rise Most in Northeast

Twenty-nine states and the District of Columbia now have home prices at or within 10% of the peak price appreciation. The data were released Tuesday by research firm CoreLogic.

Including sales of distressed properties, the five states posting the largest year-over-year price increases were Michigan (11.4%), Maine (10.6%), Nevada (10.6%), California (10.5%) and Hawaii (10.5%).

Excluding sales of distressed properties, the five states posting the biggest price increases over the past 12 months were Massachusetts (11.2%), New York (9.7%), Maine (9.5%), Hawaii (9.2%) and Nevada and Florida (both at 8.8%).

The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (36.8%), Florida (33%), Arizona (28.9%), Rhode Island (26.9%) and New Jersey (20.6%).

CoreLogic’s CEO said:

Home price continued to march higher across much of the U.S. in July. Most states are reaching price levels not seen since the boom year of 2006. Our data indicates that this trend will continue, with more states hitting peaks this year and into 2015 as the recovery continues.

CoreLogic has forecast that home prices, including distressed sales, will rise 0.5% in August, compared with July, and by 5.2% in the 12 months between July 2014 and July 2015. Both estimates include distressed sales.

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