Home Prices

CoreLogic Home Price Index Shows Decline for Fourth Straight Month

Posted on Wednesday, January 12, 2011

CoreLogic released its November home price index Tuesday, which shows that home prices in the United States declined for the fourth month in a row.
The California-based analytics and property information provider reported that national home prices, including distressed sales, fell by 5.07 percent in November 2010 when compared to November 2009.
November’s reading follows a 3.35 percent annual decline reported for the month of October, a 2.43 percent drop in September, and a 1.08 percent decline in August, as measured by CoreLogic’s index. The trajectory indicates that home price reductions are growing increasingly sharper with each passing month.
Excluding REO sales and short sales, November’s price drop was a little less severe. With these distressed sales taken out of the equation, CoreLogic says prices declined by 2.21 percent year-over-year.
“We’re continuing to see the influence of seasonal declines that typically depress home prices during the latter part of the year, but the fact that the rate of decline increased for November is indicative of the uphill battle we’re facing with the housing recovery,” said Mark Fleming, chief economist for CoreLogic.
Including distressed transactions, CoreLogic says the peak-to-current change in its national home price index (from April 2006 to November 2010) is -30 percent. Excluding distressed transactions, the peak-to-current change for the same period is -21.7 percent.
According to CoreLogic’s report, the five states with the highest appreciation in home prices in November, including distressed sales, were: Maine (+8.58 percent), North Dakota (+4.41 percent), Wyoming (+3.67 percent), New York (+2.07 percent), and Vermont (+1.78 percent).
The five states with the greatest depreciation were: Idaho (-13.56 percent), Alabama (-11.18 percent), Arizona (-10.38 percent), Oregon (-9.26 percent), and Mississippi (-8.37 percent).
By: Carrie Bay, DS News


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