US Home Prices Fall for Second Consecutive Month

NewImage.jpgHome prices in the US declined for the second month in a row after rising slightly for the first seven months of the year according to September’s Home Price Index (HPI) data from CoreLogic.

According to the CoreLogic HPI, national home prices, including distressed sales, declined 2.79 percent in September 2010 compared to September 2009 and declined by 1.08 percent in August 2010 compared to August 2009. Excluding distressed sales, year-over-year prices declined .73 percent in September 2010.

The top five states with the highest appreciation, including distressed sales, were: New York (+2.67 percent), North Dakota (+1.73 percent), California (+.86 percent), Nebraska (+.78 percent), and Virginia (+.77percent).  The five states with the greatest depreciation, including distressed sales, were Idaho (-14.04 percent), Alabama (-8.9 percent), Mississippi (-8.3 percent), Florida (-7.68 percent) and New Mexico (-7.47 percent).

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“We’re continuing to see price declines across the board with all but seven states seeing a decrease in home prices,” said Mark Fleming, chief economist for CoreLogic. “This continued and widespread decline will put further pressure on negative equity and stall the housing recovery.”

 

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For the full report, see here.

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  • With existing inventory high, shadow inventory at near peaks, and pent up inventory ready to burst, spring should see a flood of homes on the market. Predictions are being made that the flooded home market will be with us until fall 2012 and home price conditions depressed for at least another 6 months beyond that.

    So far servicers have shown a great deal of restraint in foreclosing on homeowners. Few expect that restraint to last beyond this spring. The report simply validates many of the assumptions upon which these projections are based.

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