Projections on home prices

Home prices in Oregon could increase by 5.1 percent by August 2016, CoreLogic reported Tuesday.

The data analysis firm reported single-family home prices in Oregon were up 9.1 percent for the year ending in August.

Oregon was fourth among states with the greatest appreciation in home prices for the same period; Colorado was first at 10.4 percent, including sales of distressed properties. CoreLogic identified Deschutes County as one of 44 overvalued housing markets in the U.S. The firm defines overvalued as having a CoreLogic Home Price Index of 10 percent above the long-term fundamental value.

CoreLogic quoted its chief economist, Frank Nothaft, as saying that higher mortgage rates coupled with more single-family housing starts next year nationwide should dampen demand and slow the growth in home prices.

— Bulletin staff report