IE Business Daily Business news for the Inland Empire.
Home prices, including distressed sales, were up 5.6 percent year-over-year in the Inland Empire in October, according to data released Tuesday.
That was below the national rate of 6.7 percent, Irvine-based CoreLogic reported.
“While national home prices increased 6.7 percent, only nine states had home price growth at the same rate of growth or higher than the national average,” said Dr. Frank Nothaft, CoreLogic’s chief economist, in a statement. “[That’s] because the largest states, such as Texas, Florida and California, are experiencing high rates of home price appreciation.”
Nationwide, home prices – including distressed sales – are expected to increase by 4.6 percent between October of this year and October 2017, according to CoreLogic.
A distressed sale is one in which a property is sold quickly, and often for a loss, so the owner can raise money quickly.
