Home prices creep up in December

[William Hull]

There is some good news for the economy. Home prices continued to move up in a number of states. Overall, for the year, prices have increased by 5.7%. When looking at month to month, it appears that increased have been about 0.1% increases. Information received from Black Knight Financial Services show that prices have continued to increase with the greatest increase coming in the state of New York. Over a six months period, it showed an increase of 1.2%. Other good news is that foreclosure inventories have decreased by 0.3%. Michigan however, is in a decline of home prices. It is showing a decrease of 0.7% in home prices. The top ten states that are also showing increasing house prices, are as follows in order behind New York: Washington, New Jersey, Kansas, Vermont, Maine, S.Dakota, Hawaii, Mississippi and Arkansas. New York also holds the distinction of having eight of the top ten cities that hold the honor of best performing metros. Appears to be a banner year for a lot of the country as far as home prices. New York can especially take note and see that their economy is perhaps on the mend. If the trend continues, then several parts of the country will benefit.

Key Takeaways:

• Black Knight Financial Services reports that values of homes rose a bit in December. Pre-sale foreclosure rates dropped by 0.3%.
• Home values in NY State appreciated for six months straight.
• Michigan did not do as well. Its HPI fell to -0.7%.

"Home prices crept up slightly month over month in December, according to new data from Black Knight Financial Services."

Read more: http://www.mpamag.com/news/home-prices-creep-up-in-december-61258.aspx