Home prices in the US declined for the fourth month in a row, falling 5.07 percent in November according to CoreLogic Home Price Index data released on Tuesday.
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.
Including distressed sales, 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). The states that saw 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).
“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.
To view the full report, see here.