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CoreLogic Reports Home Prices Drop 8th Consecutive Month
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CoreLogic Reports Home Prices Drop 8th Consecutive Month
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CoreLogic Reports Home Prices Drop 8th Consecutive Month
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May 11, 2011 (Jeff Alan)

CoreLogic reports that year-over-year home prices have dropped for the 8th consecutive month according to data released in its March Home Price Index (HPI). National home prices, including distressed home sales, declined by 7.5 percent in March compared to March 2010, which follows a 5.8* percent decline in February.

The effect of distressed sales on home prices has been huge as the HPI notes that excluding distressed sales, year-over-year prices would have only declined by 0.96 percent in March and 2.0* percent in February.

“Last year the First Time Homebuyer Tax Credit pulled a significant number of sales forward and, to an extent, artificially supported prices. So, absent the tax credit, it is understandable that we see prices continue to decline when compared with last year,” said Mark Fleming, chief economist with CoreLogic. “As we move further away from that support, we will see a leveling of prices and eventually organic improvements in the market.”

In addition, more Core Based Statistical Areas (CBSAs) showed year-over year declines in March with 92 CBSAs recording pricing declines compared to 82 CBSAs showing declines in February.

The peak-to-current price change in the national HPI (from April 2006 to March 2011), including distressed transactions, was -34.8 percent, while the peak-to-current price change, excluding distressed transactions in the HPI for the same period, was -22.5 percent.

Distressed home sales include short sales and Real Estate Owned (REO) transactions.

The five states with the highest appreciation including distressed sales were: West Virginia (+7.7 percent), North Dakota (+4.1 percent), New York (+3.5 percent), Alaska (+2.4 percent) and Maine (+0.4 percent).

The five states with the greatest depreciation including distressed sales were: Idaho (-13.3 percent), Arizona (-12.3 percent), Michigan (-11.9 percent), Florida (-10.6 percent) and Illinois (-10.6 percent).

The five states with the highest appreciation excluding distressed sales were: West Virginia (+11.5 percent), New York (+4.5 percent), Mississippi (+4.4 percent), North Dakota (+4.1 percent) and Alaska (+4.0 percent).

The five states with the greatest depreciation excluding distressed sales were: Nevada (-8.9 percent), Idaho (-8.8 percent), Arizona (-6.6 percent), Maine (-6.6 percent) and Minnesota (-5 percent).

CoreLogic (NYSE: CLGX) is a leading provider of information, analytics and business services. You can get a full copy of the Home Price Index here.

*February data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.

Tags: CoreLogic, home price index, HPI, U.S. home prices, distressed properties, distressed sales, depreciation, appreciation, foreclosures, short sales,REO properties

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May 11, 2011 (Jeff Alan)

CoreLogic reports that year-over-year home prices have dropped for the 8th consecutive month according to data released in its March Home Price Index (HPI). National home prices, including distressed home sales, declined by 7.5 percent in March compared to March 2010, which follows a 5.8* percent decline in February.

The effect of distressed sales on home prices has been huge as the HPI notes that excluding distressed sales, year-over-year prices would have only declined by 0.96 percent in March and 2.0* percent in February.

“Last year the First Time Homebuyer Tax Credit pulled a significant number of sales forward and, to an extent, artificially supported prices. So, absent the tax credit, it is understandable that we see prices continue to decline when compared with last year,” said Mark Fleming, chief economist with CoreLogic. “As we move further away from that support, we will see a leveling of prices and eventually organic improvements in the market.”

In addition, more Core Based Statistical Areas (CBSAs) showed year-over year declines in March with 92 CBSAs recording pricing declines compared to 82 CBSAs showing declines in February.

The peak-to-current price change in the national HPI (from April 2006 to March 2011), including distressed transactions, was -34.8 percent, while the peak-to-current price change, excluding distressed transactions in the HPI for the same period, was -22.5 percent.

Distressed home sales include short sales and Real Estate Owned (REO) transactions.

The five states with the highest appreciation including distressed sales were: West Virginia (+7.7 percent), North Dakota (+4.1 percent), New York (+3.5 percent), Alaska (+2.4 percent) and Maine (+0.4 percent).

The five states with the greatest depreciation including distressed sales were: Idaho (-13.3 percent), Arizona (-12.3 percent), Michigan (-11.9 percent), Florida (-10.6 percent) and Illinois (-10.6 percent).

The five states with the highest appreciation excluding distressed sales were: West Virginia (+11.5 percent), New York (+4.5 percent), Mississippi (+4.4 percent), North Dakota (+4.1 percent) and Alaska (+4.0 percent).

The five states with the greatest depreciation excluding distressed sales were: Nevada (-8.9 percent), Idaho (-8.8 percent), Arizona (-6.6 percent), Maine (-6.6 percent) and Minnesota (-5 percent).

CoreLogic (NYSE: CLGX) is a leading provider of information, analytics and business services. You can get a full copy of the Home Price Index here.

*February data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.

Tags: CoreLogic, home price index, HPI, U.S. home prices, distressed properties, distressed sales, depreciation, appreciation, foreclosures, short sales,REO properties

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
LOANRATEUPDATE
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Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at LoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

May 11, 2011 (Jeff Alan)

CoreLogic reports that year-over-year home prices have dropped for the 8th consecutive month according to data released in its March Home Price Index (HPI). National home prices, including distressed home sales, declined by 7.5 percent in March compared to March 2010, which follows a 5.8* percent decline in February.

The effect of distressed sales on home prices has been huge as the HPI notes that excluding distressed sales, year-over-year prices would have only declined by 0.96 percent in March and 2.0* percent in February.

“Last year the First Time Homebuyer Tax Credit pulled a significant number of sales forward and, to an extent, artificially supported prices. So, absent the tax credit, it is understandable that we see prices continue to decline when compared with last year,” said Mark Fleming, chief economist with CoreLogic. “As we move further away from that support, we will see a leveling of prices and eventually organic improvements in the market.”

In addition, more Core Based Statistical Areas (CBSAs) showed year-over year declines in March with 92 CBSAs recording pricing declines compared to 82 CBSAs showing declines in February.

The peak-to-current price change in the national HPI (from April 2006 to March 2011), including distressed transactions, was -34.8 percent, while the peak-to-current price change, excluding distressed transactions in the HPI for the same period, was -22.5 percent.

Distressed home sales include short sales and Real Estate Owned (REO) transactions.

The five states with the highest appreciation including distressed sales were: West Virginia (+7.7 percent), North Dakota (+4.1 percent), New York (+3.5 percent), Alaska (+2.4 percent) and Maine (+0.4 percent).

The five states with the greatest depreciation including distressed sales were: Idaho (-13.3 percent), Arizona (-12.3 percent), Michigan (-11.9 percent), Florida (-10.6 percent) and Illinois (-10.6 percent).

The five states with the highest appreciation excluding distressed sales were: West Virginia (+11.5 percent), New York (+4.5 percent), Mississippi (+4.4 percent), North Dakota (+4.1 percent) and Alaska (+4.0 percent).

The five states with the greatest depreciation excluding distressed sales were: Nevada (-8.9 percent), Idaho (-8.8 percent), Arizona (-6.6 percent), Maine (-6.6 percent) and Minnesota (-5 percent).

CoreLogic (NYSE: CLGX) is a leading provider of information, analytics and business services. You can get a full copy of the Home Price Index here.

*February data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.

Tags: CoreLogic, home price index, HPI, U.S. home prices, distressed properties, distressed sales, depreciation, appreciation, foreclosures, short sales,REO properties

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
LOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.