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CoreLogic® February Home Price Index Reports Month-Over-Month Increase, When Excluding Distressed Sales

April 05 2012

SANTA ANA, Calif., April 4, 2012 -- CoreLogic, a leading provider of information, analytics and business services, today released its February Home Price Index (HPI) report, the most current and comprehensive source of home prices available today. Excluding distressed sales, month-over-month prices increased 0.7 percent in February from January. The CoreLogic HPI® also showed that year-over-year prices declined by 0.8 percent in February 2012 compared to February 2011. Distressed sales include short sales and real estate owned (REO) transactions.

The report also shows national home prices, including distressed sales, declined on a year-over-year basis by 2.0 percent in February 2012 and by 0.8 percent compared to January 2012, the seventh consecutive monthly decline.

"House prices, based on data through February, continue to decline, but at a decreasing rate. The deceleration in the pace of decline is a first step toward ultimately growing again," saidMark Fleming, chief economist for CoreLogic. "Excluding distressed sales, we already see modest price appreciation month over month in January and February."

"The continued strength of sales activity and tightening inventories in many markets are early and hopeful signs that prices will continue to stabilize and improve in the coming months. In fact, non-distressed home sale prices, which represent two-thirds of all sales, have appreciated by just over 1.0 percent since the beginning of the year," said Anand Nallathambi, president and CEO of CoreLogic.

Highlights as of February 2012

Including distressed sales, the five states with the highest appreciation were: West Virginia (+8.6 percent), Michigan (+5.8 percent), Florida (+4.7 percent), Arizona (+4.5 percent) and South Dakota (+4.1 percent).

Including distressed sales, the five states with the greatest depreciation were: Delaware (-11.2 percent), Connecticut (-7.9 percent), Rhode Island (-7.8 percent), Illinois (-7.1 percent) and Georgia (-6.6 percent).

Excluding distressed sales, the five states with the highest appreciation were: South Dakota (+5.9 percent), West Virginia (+5.6 percent), Maine (+4.5 percent), Utah (+3.7 percent) and Montana (+3.6 percent).

Excluding distressed sales, the five states with the greatest depreciation were: Delaware (-8.7 percent), Connecticut (-4.9 percent), Nevada (-4.6 percent), Vermont (-4.0 percent) and Minnesota (-3.3 percent).

Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to February 2012) was -34.4 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -24.6 percent.

The five states with the largest peak-to-current declines including distressed transactions are Nevada (-60.2 percent), Arizona (-49.8 percent), Florida (-48.6 percent), Michigan (-44.0 percent) and California (-43.7 percent).

Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 67 are showing year-over-year declines in February, nine fewer than in January.

*January data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.

February HPI for the Country's Largest CBSAs by Population:

CBSA

February 2012
Change by CBSA
Single-Family

12-Month HPI
Single-Family
Excluding Distressed

Chicago-Joliet-Naperville, IL

-7.3%

-3.8%

Atlanta-Sandy Springs-Marietta, GA

-6.5%

-2.5%

Los Angeles-Long Beach-Glendale, CA

-4.4%

0.2%

Riverside-San Bernardino-Ontario, CA

-3.2%

-0.9%

Philadelphia, PA

-2.4%

-1.1%

Washington-Arlington-Alexandria, DC-VA-MD-WV

0.2%

2.1%

New York-White Plains-Wayne, NY-NJ

0.3%

1.0%

Houston-Sugar Land-Baytown, TX

0.6%

2.9%

Dallas-Plano-Irving, TX

1.9%

1.2%

Phoenix-Mesa-Glendale, AZ

7.0%

3.9%

 

February State and National Ranking Based on HPI Including Distressed:

State

February 2012
Change by State
Single-Family

12-Month HPI
Single-Family
Excluding Distressed

National

-2.0%

-0.8%

Delaware

-11.2%

-8.7%

Connecticut

-7.9%

-4.9%

Rhode Island

-7.8%

-2.0%

Illinois

-7.1%

-3.2%

Georgia

-6.6%

-3.0%

Alabama

-6.2%

-2.6%

Nevada

-6.1%

-4.6%

Washington

-4.6%

-1.5%

Vermont

-4.0%

-4.0%

Massachusetts

-3.6%

0.3%

California

-3.4%

0.1%

Ohio

-3.3%

-1.2%

Louisiana

-3.2%

2.0%

New Jersey

-2.9%

-2.5%

Minnesota

-2.7%

-3.3%

Wisconsin

-2.7%

-1.3%

New Mexico

-2.1%

-2.1%

Pennsylvania

-2.1%

-1.5%

Oregon

-2.0%

-1.7%

New Hampshire

-2.0%

2.0%

Maryland

-1.9%

-1.5%

Missouri

-1.8%

-0.3%

Iowa

-1.4%

-1.0%

Tennessee

-1.3%

-0.5%

Hawaii

-0.8%

-3.2%

Kentucky

-0.6%

-0.2%

Oklahoma

-0.6%

0.2%

Arkansas

-0.4%

-1.4%

New York

-0.4%

-0.4%

North Carolina

-0.3%

0.6%

Virginia

0.0%

1.6%

Texas

0.4%

1.5%

Wyoming

0.7%

1.0%

Montana

0.8%

3.6%

Colorado

0.9%

2.1%

Alaska

1.1%

3.1%

Mississippi

1.3%

1.7%

Indiana

1.4%

3.2%

Kansas

1.6%

1.6%

Nebraska

2.0%

0.4%

North Dakota

2.2%

3.4%

Utah

2.4%

3.7%

South Carolina

2.5%

2.1%

Idaho

3.5%

2.6%

Maine

3.7%

4.5%

District of Columbia

4.1%

1.8%

South Dakota

4.1%

5.9%

Arizona

4.5%

1.6%

Florida

4.7%

1.6%

Michigan

5.8%

1.3%

West Virginia

8.6%

5.6%

Figure 1 - Home Price IndexPercentage Change Year-Over-Year

Figure 2 - CoreLogic HPI Single-Family Combined Series12-Month Change by State

Figure 3 - CoreLogic HPI Single-Family Combined Excluding Distressed Series12-Month Change by State

Methodology
The CoreLogic HPI incorporates more than 30 years' worth of repeat sales transactions, representing more than 65 million observations sourced from CoreLogic industry-leading property information and its securities and servicing databases. The CoreLogic HPI provides a multi-tier market evaluation based on price, time between sales, property type, loan type (conforming vs. nonconforming), and distressed sales. The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, including single-family attached and single-family detached homes, which provides a more accurate "constant-quality" view of pricing trends than basing analysis on all home sales. The CoreLogic HPI provides the most comprehensive set of monthly home price indices and median sales prices available covering 6,669 ZIP codes (58 percent of total U.S. population), 618 Core Based Statistical Areas (86 percent of total U.S. population) and 1,163 counties (84 percent of total U.S. population) located in all 50 states and the District of Columbia.

About CoreLogic
CoreLogic CLGX -0.75%  is a leading provider of consumer, financial and property information, analytics and services to business and government. The Company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built one of the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The Company, headquartered in Santa Ana, Calif., has more than 5,000 employees globally. For more information visit www.corelogic.comwww.corelogic.com.