LPS: Home Prices Up Slightly in August, Detroit Leads the Way

Home prices rose
0.2 percent in August compared to July on the Home Price Index (HPI) produced
by Lender Processing Services (LPS).  The
LPS HPI is a repeat sales analysis of home prices as of their transaction dates
based on the company’s property and loan-level databases.   In its model the price of non-distressed
sales takes into account price discounts for REO and short sales.

The HPI for
August was $205,000, up from $204,000 in July and 2.6 percent above the
$199,000 level of August 2011.  The index
value is now 23 percent below the peak price of $266,000 reached in June 2006.

The largest
increase among the states was Minnesota where the HPI was up 1.2 percent
closely followed by Michigan with a 1.1 percent change, Maryland (0.8 percent),
and the District of Colombia (+0.7 percent).  
Four states, Iowa, Indiana, New York and Wisconsin had increases of 0.6
percent and the other two states in the top ten, Arizona and Ohio, each were up
0.5 percent.  States with the largest
negative changes were Rhode Island (-0.6 percent), Oregon and Tennessee (-0.4
percent), Connecticut (-0.3 percent), Vermont and Washington (-0.2 percent) and
New Mexico, New Jersey, and Massachusetts (-01 percent).  

Detroit and
Minneapolis had the greatest price increases among metropolitan areas,1.4 and
1.2 percent respectively, while Visalia, California; Salem and Eugene, Oregon;
and Chattanooga, Tennessee were tied at -0.7 percent for the largest negative
change.

Article source: http://www.mortgagenewsdaily.com/10262012_home_prices.asp

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