CoreLogic, a leading provide of housing information, is reporting their National Home Price Index is showing a gain in February 2012 over January 2012 when distress sales were removed from the data. Distressed sales in this study include bank-owned and short sale transactions. With the distressed sales included, the index declined 2.0% over last year and 0.8% over last month, the seventh consecutive monthly decline. With the number of distressed sales decreasing, this may be a good sign for Real Estate Markets in 2012.
Twenty states and the District of Columbia showed yearly and monthly increases in sales price. Tennessee was in the middle of the pack with a 1.5% yearly decrease and a 0.5% monthly price index decrease. I expect that the Tennessee numbers are skewed by the large number of distressed properties in Memphis. Nashville Metro Home Prices were down 0.7% over last year. With distressed properties removed, the Nashville Home Price Index increased by 0.8% over last year.
