IE Business Daily Business news for the Inland Empire.
Home prices, including distressed sales, were up 6.1 percent in the Inland Empire in January compared with one year earlier, according to data released Tuesday.
Month-over-month, prices in Riverside and San Bernardino counties were essentially flat, rising only 0.4 percent, Irvine-based CoreLogic reported.
Nationwide, home prices were up 6.9 percent in January year-over-year but rose only 0.7 percent between December and January, CoreLogic reported.
A distressed sale is when someone sells property, stock or other assets quickly, and often at a loss. Such a sale happens when the owner must raise cash quickly, usually to pay debts or account for a personal emergency.
CoreLogic is predicting that U.S. home prices, including distressed sales, will increase by 4.8 percent between January on this year and January 2018.
The upcoming spring buying season is expected to be one of the best periods in recent memory for U.S. homebuyers, said Frank Martell, CoreLogic’s president and chief executive officer, said in a statement.
