Home Prices Continue to Decline in November says CoreLogic

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).

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“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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To view the full report, see here.

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  • This is so repetitive month after month it SEEMS like old news. But increased home values are the unique catalyst for substantially improved HECM originations. How these two are not tied together is beyond my pay grade.

    Yet there is a persistent voice in our industry pointing to an expected, substantial increase in HECM endorsements for the current fiscal year. Without significantly improved home values from where will that come?

    From the dead of winter until mid spring, how will there be any significant improvement in home values? And if there is a four month lag from issuance of the FHA Case Number until endorsement, improved values must come throughout the next few months to get to some of the numbers being thrown around. I know there is natural optimism at the beginning of each new year but I think the current optimism is over the top.

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