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After Blockbuster February, Home Prices Face Uncharted Territory
Tuesday, April 7, 2020
Home price gains accelerated for the
fourth straight month in February with a 4.1 percent annual increase in the
CoreLogic Home Price Index (HPI) The 12-month rate of appreciation in January
was 4.0 percent. The company said home prices nationwide, including distressed
sales, rose 0.6 percent from January to February, up from growth of 0.1 percent
the previous month. "Before the onset of the pandemic, the
quickening of home price growth during the first two months of 2020 highlighted
the strength of purchase activity," said Dr. Frank Nothaft, chief economist at
CoreLogic. "In February, the national unemployment rate matched a 50-year low,
mortgage rates fell to the lowest level in more than three years and for-sale
inventory remained lean, all contributing to the pickup in value growth."
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