CoreLogics Home Price Index, how Minnesota ranks nationally July 2011


CoreLogic released their July Report for their Home Price Index.  The Lead on their report is July Home Price Index Shows Fourth Consecutive Month-Over-Month Increase.  Except for Minnesota…

Excluding distressed sales, the five states with the greatest depreciation were: Nevada (-9.6 percent), Arizona (-8.1 percent), Delaware (-6.5 percent), Minnesota (-5.7 percent), and Michigan (-4.7 percent).  

Including distressed sales, the five states with the greatest depreciation were: Nevada (-12.2 percent), Arizona (-11.9 percent), Illinois (-10.0 percent) Minnesota (-8.6 percent), and Idaho (-7.8 percent).

CoreLogic Home Price Index July 2011

I believe our region has something else going on other than the mortgage collapse and housing bubble.  If you look at this data, and other data comparing us nationally we are not doing well at all.  Our unemployment rate is better than nationally, however we are still losing jobs.  We are also losing households in the 7 county metro region, which has a big impact. 

The funny things about these reports is the true meaning of the data gets lost in translation.  For example, regionally our median and average home prices are way down.  That doesn’t mean that all home prices are down by that percentage, it is more reflective the price ranges that are selling bringing the average and median price down.  That is part of this, but I would assume that would be the same in other markets but maybe not.

Now it may also be that we are the market that is actually correcting quicker so it looks bad right now, but in the long-term is a healthier market.  This is a theory I don’t know how to prove other than with 20/20 hindsight.  In other words, time will tell.

(Or for another perspective on this, check out A Cold Detroit post.)

Look how we make the top 5 list…                   (view CoreLogic’s  full report).

CoreLogic HPI July 2011 (including distressed sales)

CoreLogic HPI July 2011 Excluding Distressed Sales

Advertisements

4 Comments

Filed under Uncategorized

4 responses to “CoreLogics Home Price Index, how Minnesota ranks nationally July 2011

  1. Pingback: Minnesota could lose 2,767 medical device jobs because of a Medical Device Tax | craigkamman

  2. Pingback: “Minnesotans Losing Economic ground” | craigkamman

  3. Pingback: Minnesota’s Home Price Index drops -4.2 percent, Corelogic Report | craigkamman

  4. Pingback: CoreLogic: Home Price Index declined 0.4% in August | Wood on Fire – Topics of Lumber Industry

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s