Defying the trend of last of three years and despite economic uncertainties and increasing housing prices, the demand for housing across the country has increased.
According to CoreLogic, a firm providing financial, property and consumer information, analytics and business intelligence, home prices including that of distressed sales, increased on a year-over-year basis by 2.5 percent in June 2012 compared to June 2011.
"At the halfway point, 2012 is increasingly looking like the year that the residential market may have turned the corner," said Anand Nallathambi, president and CEO of CoreLogic. "While first-half gains have given way to second-half declines over the past three years, we see encouraging signs that modest price gains are supportable across the country in the second-half of 2012," he said in a statement.
"For the first time, [home] prices are up year over year in a majority of metros, and asking home prices have increased for six straight months," wrote Trulia's chief economist Jed Kolk.