Housing Keeps On Keeping On As October Sees Largest Year-Over-Year Price Increases Since 2006

Wednesday, December 05, 2012 07:34
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Housing Keeps On Keeping On As October Sees Largest Year-Over-Year Price Increases Since 2006

Tags: economic indicators | Economic Outlook | economy

Housing prices slipped .2% in October in month-over-month comparisons but rose 6.3% from October one year ago in the largest year-over-year increase since 2006.

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Prices have been rising on year-over-year comparisons for eight consecutive months. The research firm CoreLogic said the report gives evidence of growing strength in the housing market.
 
Foreclosures were also down 17% in October and the price increases were broadly based. Arizona experienced the highest spike in prices, which were up 21.3%.
 
Prices in California increased 9% and all but five states—Alabama, Delaware, Illinois, New Jersey, and Rhode Island—saw increases from 2011.
 
When foreclosures and distressed sales were excluded, prices rose 5.8% on a national basis from 2011.

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