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.
It's a tale of two markets; distress home sales versus normalized sales, that is creating appraisal pricing issues in many markets across the U.S. today. According to a recent nationwide survey conducted by the National Association of Home Builders (NAHB), one out of three builders are reporting losing signed sales contracts during the preceding six months ...
Frank Nothaft Based on Freddie Mac's latest Primary Mortgage Market Survey (PMMS), average fixed mortgage rates largely unchanged and near their record lows helping to keep housing affordability high for those borrowers who are in the market. The 30-year fixed...
The French Riviera ranks amongst the most stable second home markets in Europe. The upper market segment in particular is characterized by a level of demand that remains consistently high. According to Hamburg, Germany-based international real estate firm Engel & Völkers, prime locations in the French Côte d'Azur are reaching new price highs.
According to three leading U.S. economists, despite national and global economic headwinds, Florida's real estate market is entering 2012 on an upward trend. But clouds may be on the horizon. "Our state is in a mini-recovery," said Florida Realtors Chief Economist Dr. John Tuccillo at the state association's 2012 Real Estate and Economic Forecast Conference in Orlando.
Global economic turmoil since 2008 has led to sharply different responses from luxury developers around the world today, says Knight Frank's newly released 2012 Global Development Review Report. Knight Frank's reports shows luxury residential development in 14 key locations around the world reveals that 50%-60% of demand for newly-built property ...
(MIAMI, FL) -- According to the Miami Association of Realtors, October cumulative pending home sales - including single-family homes and condominiums - in Miami-Dade County were 10 percent above what they were a year earlier, up from 10,264 to 11,245, and 0.4 percent below the previous month, down from 11,296.
Join 34,000+ real estate professionals worldwide who receive our free weekly newsletter