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U.S. Home Prices Decline for Fourth Straight Month, Says CoreLogic

U.S. Home Prices Decline for Fourth Straight Month, Says CoreLogic


According to CoreLogic's (NYSE:CLGX) latest Home Price Index (HPI) for November 2010, U.S. home prices declined for the fourth month in a row.

CoreLogic's HPI shows that national home prices, including distressed sales, declined by 5.07 percent in November 2010 compared to November 2009 and declined by 3.35 percent in October 2010 compared to October 2009. Excluding distressed sales, year-over-year prices declined by 2.21 percent in November 2010 compared to November 2009 and declined by 2.24 in October 2010 compared to October 2009. Distressed sales include short sales and real estate owned (REO) transactions.

Highlights as of November 2010

  • Including distressed sales, the five states with the highest appreciation were: Maine (+8.58 percent), North Dakota (+4.41 percent), Wyoming (+3.67 percent), New York (+2.07 percent) and Vermont (+1.78 percent).
  • Including distressed sales, 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).
  • Excluding distressed sales, the five states with the highest appreciation were: Wyoming (+6.47 percent), North Dakota (+4.91 percent), Maine (+4.46 percent), New York (+3.96 percent), and District of Columbia (+3.54 percent).
  • Excluding distressed sales, the five states with the greatest depreciation were: Idaho (-10.42 percent), Alabama (-7.82 percent), Arizona (-7.81 percent), Nevada (-6.13 percent) and Washington (-6.05 percent).
  • Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to November 2010) was -30 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -21.7 percent.

"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.


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