Housing report shows industry strengthening
Home prices increased 7.5 percent in 2012 nationally, according to CoreLogic, a real estate analysis firm.
CoreLogic’s Home Price Index measures all repeat home sales. The firm also predicts that the home prices will increase another 6 percent in 2013 due to rising demand and fewer real estate owned properties on the market and a lower inventory.
Highlights in 2012 included:
- Total homes sales increased 6 percent to 4.2 million, up from 3.9 million in 2011 – the first increase since 2005.
- Non-distressed homes sales increased 11 percent to 3.2 million.
- New sales increased 3 percent to nearly 300,000.
- Home price growth happened across many geographies.
- REO sales declined more than 20 percent to 600,000, the third annual consecutive decline.
- Short sales rose 23 percent to 370,000 units, the highest level since the real estate downturn began.
- Serious delinquencies declined by nearly 300,000 loans in 2012, which drove the seriously delinquent rate down to 6.9 percent, from 7.4 percent in 2011. Since the January 2010 peak, serious delinquencies have declined by 1 million loans.