Monday, March 24, 2014

Black Knight (formerly LPS): House Price Index unchanged in January, Up 8.0% year-over-year

by Calculated Risk on 3/24/2014 01:43:00 PM

Notes: I follow several house price indexes (Case-Shiller, CoreLogic, Black Knight (formerly LPS), Zillow, FHFA, FNC and more). The timing of different house prices indexes can be a little confusing. Black Knight uses the current month closings only (not a three month average like Case-Shiller or a weighted average like CoreLogic), excludes short sales and REOs, and is not seasonally adjusted.

From LPS: U.S. Home Prices Flat for the Month; Up 8.0 Percent Year-Over-Year

Today, the Data and Analytics division of Black Knight Financial Services (formerly the LPS Data & Analytics division) released its latest Home Price Index (HPI) report, based on January 2014 residential real estate transactions. ... The Black Knight HPI represents the price of non-distressed sales by taking into account price discounts for REO and short sales.
The year-over-year increase was less in January (8.0%) than in December (8.4%), November (8.5%) and October (8.8%), so this suggests price increases might be slowing.

The LPS HPI is off 14.0% from the peak in June 2006.

Note: The press release has data for the 20 largest states, and 40 MSAs. Prices increased in 10 of the  20 largest states in January and were unchanged in two. LPS shows prices off 44.3% from the peak in Las Vegas, off 36.8% in Orlando, and 34.9% off from the peak in Riverside-San Bernardino, CA (Inland Empire). "After many months of hitting new peaks, Texas and its major metros backed off trend of consecutive new highs."

Note: Case-Shiller for January will be released tomorrow.