US Home prices continued to decline in October, down 3.93 percent from October 2009 according to CoreLogic Home Price Index.
Excluding distressed sales, year-over-year prices declined by 1.5 percent in October 2010 compared to October 2009.
“We are continuing to see the weakness in home prices without artificial government support in the form of tax credits. The stubborn unemployment levels and seasonality are also coming into play,” said Mark Fleming, chief economist for CoreLogic. “When you combine these factors with high shadow and visible inventories, the prospect for a housing recovery in early 2011 is fading.”
Not all the data is negative, the five states with the highest appreciation were North Dakota (+4.61 percent), West Virginia (+3.43 percent), Vermont (+2.59 percent), Maine (+1.97 percent) and Wyoming (+1.93 percent).
Including distressed sales, the five states with the greatest depreciation were Idaho (-15.06 percent), Alabama (-9.30 percent), Oregon (-8.50 percent), Arizona (-8.25 percent) and Florida (-8.00 percent).