Home prices rise in all but 6 states
The latest CoreLogic statistics demonstrate the unevenness of the housing-market recovery. Prices rose 18.2% in Arizona, but fell 2.6% in Rhode Island.
The latest statistics from CoreLogic found that home prices nationwide increased 4.6% from August 2011 to August 2012, the biggest year-over-year increase since July 2006.
From July to August 2012, prices rose 0.3%. CoreLogic analysts are predicting good results for September, too. But those numbers are far from uniform nationwide.
Looking at local numbers (yes, all real estate is still local), we find that the prices ranged from double-digit increases in Arizona and Idaho to declines in six states.
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Of the 25 largest metro areas, 23 saw price increases, ranging from 0.8% to 21.8%, but two saw price decreases. You can see how your metro area fared here.
This change represents the biggest year-over-year increase nationwide since July 2006.
But tell that to the homeowners in Chicago, where prices fell an additional 2.5% in the last year. The other big metro area to show a decrease in prices was Edison-New Brunswick, N.J., where prices declined 2.2%.
In contrast, prices rose a whopping 21.8% in Phoenix-Mesa-Glendale, Ariz., 8.6% in Denver-Aurora-Broomfield, Colo., and 8.2% in Orlando-Kissimmee-Sanford, Fla.
These are the states that showed the greatest home-price appreciation from August 2011 to August 2012:
- Arizona, 18.2%
- Idaho, 10.4%
- Nevada, 9%
- Utah, 8.9%
- Hawaii, 8%
They were followed by North Dakota, Montana, South Dakota, Colorado and Florida.
The six states where prices continued to decline were:
- Rhode Island, 2.6%
- Illinois, 2.3%
- New Jersey, 1.4%
- Alabama, 0.7%
- Connecticut, 0.5%
- Kentucky, 0.3%.
The states that showed the least amount of price appreciation were Wisconsin, Ohio, Tennessee, Georgia and Iowa.
Well, prices in my area are definitely on the uptick. I just noted a sale in my neighborhood that adds about $100,000 to what I thought my home was valued at. Every neighborhood and area is different. They are talking about national trends, not local trends, and you need to talk to a realtor in your neighborhood to find out what the realistic value of your home might be.
Certainly, as the article noted, there are areas where values remain low and other areas where the improvements are minimal. But there are also areas where the values are definitely going up. So check with a local realtor and find out for yourself what your market value is.
"Nobody ever went broke underestimating the intelligence of the American people".
I'd sure like to see where they're getting these stats from and the hard numbers because I find it hard to believe Phoenix has a 21.8% increase and Arizona 18.2%. I live in Arizona and I have relatives who live in Phoenix and this is NOT true around my neighborhood or my relatives/friends neighborhoods.
Home prices are cheap, the US dollar is cheap, too bad US citizens are not the ones doing the buying. It is all foreign buyers. They are the ones with the JOBS and the MANUFACTURING and bringing money INTO their country.
Stuff the Govt. doesn't tell you. Yeah, things are picking up. Everything but the citizens of the USA.
Lord help us.
So with some up and some down they headline "house prices rise". Can't they EVER tell the truth. Truth is home prices are mixed but still bad.
Just trying to make things look good for Obama. Sick of this bias.
The lamestream media has gotten to the point where they have absolutely no problem just making up total and complete lies if they think it will help Obama. It really is amazing to watch. One can only hope that there are enough Americans who won't fall for it.
I mean really, who ya gonna believe, Obama and the lamestream media who shake their ra ra Obama pom-poms on a daily basis, or your lying eyes?
Shows what a wonderful job President Obama is doing. It is better to re-elect this great man instead of half-Mexican, draft dodger Romney.
About Teresa Mears
Teresa Mears is a veteran journalist who has been interested in houses since her father took her to tax auctions to carry the cash at age 10. A former editor of The Miami Herald's Home & Design section, she lives in South Florida where, in addition to writing about real estate, she publishes Miami on the Cheap to help her neighbors adjust to the loss of 60% of their property value.