IE Business Daily Business news for the Inland Empire.
Inland Empire home prices, including distressed sales, increased 6.3 percent in July year-over-year, according to data released this week.
Compared with June, home prices in Riverside and San Bernardino counties increased 0.8 percent, Irvine-based CoreLogic reported in its monthly report on U.S. home prices.
Nationwide, home prices increased six percent in July compared with July 2015, and were up 1.1 percent compared with June of this year.
If mortgage rates stay low and job growth continues – which is what most forecasters expect to happen – then home prices are likely to increase approximately five percent in the next 12 months, said Dr. Frank Nothaft, CoreLogic’s chief economist, in a statement.
A distressed sale is one in which a property is sold urgently, and often at a loss, because the property owner needs to raise cash immediately.
