CoreLogic: Metro Denver home prices up in 2011

Another interesting article

Denver Business Journal
February 2nd, 2012

Home prices in the Denver metro area rose in December 2011 from a year earlier, bucking a nationwide decrease in prices over the year, according to the latest Home Price Index report, issued Thursday by CoreLogic Inc.

The report said home prices, including distressed sales, in the Denver-Aurora-Broomfield area were up 0.2 percent in December from the end of 2010. That followed a 0.8 percent year-over-year rise in November, a figure adjusted from CoreLogic's previous report based on changes in public-records data.

Excluding distressed sales, CoreLogic reported a 1 percent year over year increase in December, following an adjusted 0.8 percent rise in November.

Distressed sales includes auctions of foreclosed homes and short sales.

CoreLogic did not release data comparing December prices to November prices.

For all of Colorado, CoreLogic reported a 0.6 percent year-over-year decline in December home prices including distressed sales, but a 0.7 percent rise when distressed properties were excluded.

Nationwide, the Home Price Index report for December showed a 4.7 percent year-over-year drop in single-family home prices, including distressed sales, and a 0.9 percent slip when distressed sales were excluded.

"While overall prices [nationwide] declined by almost 5 percent in 2011, non-distressed prices showed only a small decrease. Until distressed sales in the market recede, we will see continued downward pressure on prices," Mark Fleming, chief economist for CoreLogic, said in a statement.

CoreLogic data include resales of single-family houses and condos.

CoreLogic (NYSE: CLGX) of Santa Ana, Calif., provides consumer, financial and property information and analysis to business and government.

The CoreLogic report is one of several popular measures of home prices, using different methodologies, covering different housing types and geographic areas, and giving different results.

A Jan. 3 report by Littleton real estate broker Gary Bauer showed a slight year-over-year price increase for the metro area in December for properties included in Metrolist Inc. multiple-listing-service data.

And the most recent S&P/Case-Shiller Home Prices Index report, covering November and issued Tuesday, showed a slight 0.2 percent year-over-year decrease in metro Denver home prices, but it was the area's smallest decrease since mid-2010.