LPS: Home Prices Up Slightly in August, Detroit Leads the Way

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Posted To: MND NewsWire

Home prices rose 0.2 percent in August compared to July on the Home Price Index (HPI) produced by Lender Processing Services (LPS). The LPS HPI is a repeat sales analysis of home prices as of their transaction dates based on the company's property and loan-level databases. In its model the price of non-distressed sales takes into account price discounts for REO and short sales. The HPI for August was $205,000, up from $204,000 in July and 2.6 percent above the $199,000 level of August 2011. The index value is now 23 percent below the peak price of $266,000 reached in June 2006. The largest increase among the states was Minnesota where the HPI was up 1.2 percent closely followed by Michigan with a 1.1 percent change, Maryland (0.8 percent), and the District of Colombia (+0.7 percent). Four states...(read more)

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