Home Prices Continue to Slide

December 17 2010 (Jeff Alan)
housing-prices-image
CoreLogic released its October Home Price Index (PRI) which shows that home prices in the United States continued to slide for the third month in a row. According to the HPI, national home prices, including distressed properties, declined by 3.93 percent in October 2010 compared to October of last year and declined by 2.43 percent in September 2010 compared to September the year before.

Excluding distressed properties, prices declined by 1.5 percent in October 2010 compared to October of 2009

Other highlights of the report included:

– Including distressed sales, 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).

– Excluding distressed sales, the five states with the highest appreciation were: Wyoming (+5.67 percent), North Dakota (+5.35 percent), Hawaii (+2.97 percent), New York (+2.93 percent), and Vermont (+2.84 percent).

– Excluding distressed sales, the five states with the greatest depreciation were: Idaho (-10.60 percent), Arizona (-6.37 percent), Washington (-5.94 percent), Michigan (-5.91 percent) and Oregon (-5.60 percent).

– Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to October 2010) was –30.2 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was –20.9 percent.

Mark Fleming, chief economist for CoreLogic stated, “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. When you combine these factors with high shadow and visible inventories, the prospect for a housing recovery in early 2011 is fading.”

Tags: HPI, distressed sales, home price index, corelogic, national home prices, distressed properties, tax credits, unemployment levels