MReport May 2017

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TH E M R EP O RT | 49 O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T DATA AROUND THE U.S. Washington 11.1 Oregon 10.0 Colorado 9.1 Idaho 8.8 Utah 8.7 Vermont 7.5 New Hampshire 7.3 Florida 7.2 Arizona 7.1 Texas 7.0 Georgia 6.7 Michigan 6.5 Rhode Island 6.5 Tennessee 6.4 Hawaii 6.2 Massachusetts 6.2 California 6.1 South Carolina 6.0 Nevada 5.9 District of Columbia 5.8 Illinois 5.8 Minnesota 5.8 New York 5.8 Kansas 5.7 Indiana 5.4 Missouri 5.3 North Carolina 5.3 South Dakota 5.3 Kentucky 5.0 Wisconsin 5.0 Ohio 4.9 Arkansas 4.7 Alabama 4.2 New Mexico 4.2 Nebraska 4.1 Louisiana 3.9 Maryland 3.9 New Jersey 3.9 Iowa 3.6 Virginia 3.0 Pennsylvania 2.9 Maine 2.6 Wyoming 2.4 Montana 2.3 Oklahoma 1.6 North Dakota 1.2 Mississippi 0.6 Delaware 0.4 Alaska 0.1 Connecticut -0.1 West Virginia -1.3 Onward & Upward Home Prices Continue to Climb C oreLogic's most recent Home Price Index Re- port (HPI) showed gains both year over year and month over month. Home prices, includ- ing distressed sales, rose 1 percent month over month and 7 percent year over year in February. Single-family home prices are still below the national peak of April 2006, but CoreLogic predicts that prices will reach a new peak in October 2017. Eleven states hit new highs: Arkansas, Colorado, Georgia, Louisiana, Massachusetts, North Carolina, New York, Oregon, Texas, Utah, and Washington. Only two states showed negative price appreciation: Connecticut and West Virginia. Some areas, particularly in the Western U.S., are still harmed by low inventory. In much of California, Washington, and Oregon, home prices are considered "overvalued" as prices were more than 25 percent above sustainable levels. "Home prices and rents have risen the most in local markets with high demand and limited supply, such as Seattle, Portland, and Denver. The rise in housing costs has been largest for lower-tier-priced homes. For example, from December to February in Seattle, the CoreLogic HPI rose 12 percent and its single-family rent index rose 6 percent for all price tiers compared with the same period a year earlier. However, when looking at only low-cost homes in Seattle, the price increase was 13 percent and the rent increase was 7 percent." Source: CoreLogic February 2017 Home Price Index Report State Year-Over- Year Percent Change

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