NationalMortgageNews says CoreLogic CEO Anand Nallathambi tells MHProNews their house price index (HPI) rose 1.3% from May to June, for the fourth consecutive month, and home values have risen 2.5% from the same period last year. When distressed sales are removed from the equation prices are up 3.2% from a year ago. Fiserv chief economist David Stiff says home prices will decline one percent into Q1 of 2013 but expects prices to increase by five percent the remainder of 2013. Noting the median home price makes buying more affordable than renting, he says, “Even if economic growth remains weak, the relative affordability of buying will push home prices upward.” However, he cautions the European monetary crisis and the political stalemate in Washington might lead to large tax hikes and declines in government spending that could result in home prices falling again.
