CoreLogic: Real estate prices up, but not for long

Phoenix, Chicago post double-digit annual home-price declines

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Home prices rose for the fourth straight month in July, but the seasonal uptick will likely subside toward the end of the summer, according to the latest report from loan data aggregator and analytics firm CoreLogic.

CoreLogic’s Home Price Index showed the increase in July was a slight one, up 0.8 percent from June, and national home prices fell 5.2 percent compared to July 2010. Revised figures for June showed home prices fell 6 percent on a year-over-year basis that month. Much of the yearly decline in July can be attributed to distressed sales. When short sales and real estate owned (REO) transactions are excluded, home prices dipped 0.6 percent year-over-year last month.