Rapid Annual Price Gains Continue in June

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This is not necessarily a good thing as this is what caused the housing bubble and when that popped it led the economy to the big crash.  Please read the article below and let me know what you think.

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Double-digit annual increases continued in June as home prices surged 11.9 percent, CoreLogic reported Tuesday.

The increase marks the 16th consecutive month of annual home price appreciation. From May to June, prices grew 1.9 percent. The measurement includes distressed sales (REOs, short sales).

“In the first six months of 2013, the U.S. housing market appreciated a remarkable 10 percent,” said Dr. Mark Fleming, chief economist for CoreLogic.

“This trend in home price gains is moving at the fastest pace since 1977,” he added.

Even with the significant annual gains, home prices are still 19 percent below their April 2006 peak, the data provider revealed.

For July, CoreLogic’s index projects prices will post an even bigger 12.5 percent annual increase, while the monthly improvement is expected to be 1.8 percent.

The states where prices grew at the fastest rate year-over-year were Nevada (+26.5 percent), California (+21.4 percent), Wyoming (+16.7 percent), Arizona (+16.2 percent), and Georgia (+14.3 percent).

To read the complete article – please use the link below.

Price Gains

Explore posts in the same categories: Real Estate Market Trends

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