Home 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).
“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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