Hot Off the Press

Excluding distressed sales, home prices nationwide increased 2.7 percent on a year-over-year basis in May 2012 compared with May 2011. On a month-over-month basis excluding distressed sales, the CoreLogic HPI indicates home prices increased 2.3 percent in May 2012 compared with April 2012, the fourth month-over-month increase in a row. Distressed sales include short sales and real estate owned (REO/ foreclosure) transactions. Locally, in Ventura County real estate, we’re still experiencing limited inventory and multiple offers on all properties in the $450,000 and under price range. Getting pre-approved for a loan is imperative. And don’t forget patience…