IE Business Daily Business news for the Inland Empire.
Inland Empire home prices, including distressed sales, rose by 5.7 percent year-over-year in August, according to data released Tuesday.
That was below the national rate, which was up 6.2 percent in August compared with August 2015, Irvine-base CoreLogic reported.
California’s home prices, including distressed sales, were up 5.9 percent during that time.
CoreLogic, which compiles real estate data for public and private clients worldwide, expects U.S. home prices, including distressed sales, to rise 5.3 percent between August of this year and August 2017.
Not enough houses combined regular homebuyers and investors stimulating demand are causing prices to rise. However, in some markets, prices have risen so high that they’re priced off the market for most people, according to CoreLogic.
“Home prices are now just 6 percent below the nominal peak reached in April 2006,” said Dr. Frank Nothaft, CoreLogic’s chief economist, in a statement. “With prices forecasted to increase by 5 percent over the next year, prices will be back to their peak level in 2017.”
A distressed sale is one in which someone sells a house, stocks or other assets under duress, and often for a loss, in order to raise money quickly.
