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Home Prices Up Double Digits in Five States

Paul Ausick

Home prices in the United States rose for the 26th consecutive month in April. Compared with April of 2013, home prices rose 10.5%, including the sales of distressed properties. Also, April home prices rose 2.1% over March prices.

Including distressed sales, no states posted home price depreciation in April, and eight states surpassed their previous home price peaks: Colorado, Louisiana, Nebraska, Oklahoma, North Dakota, South Dakota, Texas and Wyoming. Twenty-three 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.

Excluding sales of distressed properties, five states posted double-digit price increases over the past 12 months: Hawaii (up 13%), California (11.4%), Nevada (11.4%), New York (10.3%) and Florida (10.2%).

The five states with the largest peak-to-current declines, including distressed transactions, were: Nevada (down 38%), Florida (down 34.5%), Arizona (down 29.5%), Rhode Island (down 28.8%) and West Virginia (down 24.2%).

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CoreLogic's deputy chief economist said:

The weakness in home sales that began a few months ago is clearly signaling a slowdown in price appreciation. The 10.5 percent increase in April, compared to a year earlier, was the slowest rate of appreciation in 14 months.

CoreLogic has forecast that home prices, including distressed sales, will rise 1% in May compared with April, and by 6.3% in the 12 months between April 2014 and April 2015.

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