IE Business Daily Business news for the Inland Empire.
Single-family home prices in the Inland Empire, including distressed sales, rose 6.6 percent in February year-over-year, according to data released Tuesday.
That was virtually the same as the nationwide increase – 6.8 percent – during that time, CoreLogic reported in its monthly report on home prices.
Fixed mortgage rates dropped more than one-quarter of a percentage point and that the economy added an average of 209,000 jobs per month that time, the report noted.
Based on those numbers, CoreLogic is predicting that home prices will increase 5.2 percent between February 2016 and February 2017.
“Home prices continue to rise across the U.S., with every state posting year-over-year gains during the last 12 months,” Anand Nallathambi, CoreLogic’s president and chief executive officer, said in a statement. “Improved economic conditions and tight inventories continue to drive exceptionally strong gains in many markets, especially for homes priced below $500,000.”
A distressed sale is when a property is sold under duress – either for a loss or for less than market value – usually because the property owner needs to raise money quickly.
