The modest rate of house price appreciation on some secondary measures stems from the fact that they exclude foreclosures and distressed sales. The Case-Shiller and CoreLogic indices, by contrast, are still posting strong year-on-year gains in part because they include this in-demand segment of homes. Looking ahead, a declining share of foreclosed and distressed sales is another reason to expect these measures of house price inflation in which we put most stock to slow.
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