Home prices showed a decline for the seventh straight month in February, falling 6.7% from the year-ago index price, according to data from CoreLogic. The year-over-year decline in January was 5.5%
Despite the continued overall decline, home prices excluding distressed properties are showing signs of stability according to Mark Fleming, chief economist with CoreLogic. “When you remove distressed properties from the equation, we’re seeing a significantly reduced pace of depreciation and greater stability in many markets. Price declines are increasingly isolated to the distressed segment of the market, mostly in the form of REO sales, as the stock of foreclosures is slowly cleared,” he said.
Regionally, several states saw appreciation. The five with the greatest appreciation were West Virginia (+5.4%); New York (+4.7%)’ North Dakota (+4.1%); Maine (+3.6 %); and Alaska (+1.2%).
Those with the highest decline in home prices were Idaho (-14.6%), Arizona (-12.0%), Florida (-11.2%), Michigan (-11.1%) and Illinois (-11.1%).
View the full report from CoreLogic.
Written by Elizabeth Ecker