IE Business Daily Business news for the Inland Empire.
Inland Empire home prices, including distressed sales, were up 6.1 percent in January compared with one year earlier.
That number followed the national trend: single-family home sales, including distressed sales were up 6.9 percent in January compared with January 2015, Irvine-based CoreLogic reported in its Home Price Index and Forecast, which was released Tuesday.
Nationally, home prices are expected to increase 5.5 percent between January of this year and January 2017.
“Heading into the spring buying season, home prices continue to rise across much of the country,” said Anand Nallathambi, president and CEO of CoreLogic in the statement. “With rates staying low for now and continued solid job and income growth, the spring buying season is shaping up to be a good one.”
A distressed sale is one in which a property is sold urgently, often at a loss, so that the owner can raise money quickly.
