Home Values Continue to Decline

November 20 2010 (Jeff Alan)
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Home prices declined for the second month in a row after seven months of price gains. Home prices fell 1.1 percent in September after falling 1.2 percent in August according to the just released Housing Price Index (HPI) by CoreLogic.

Overall prices have declined 2.9 percent since September a year ago according to the HPI report which includes distressed sales and is seasonally adjusted. Prices are down 0.73% if you exclude distressed properties.

“The September HPI shows that home prices in the U.S. declined for the second month in a row after rising slightly for the first seven months of the year,” the CoreLogic report says. The Santa Ana, Calif., firm collects and analyzes property and mortgage data.

Amongst all the bad news, the report revealed that seven states have experienced year-over-year appreciation: New York, North Dakota, California, Nebraska, Virginia, Alaska and Maine.

“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.”

Tags: housing recovery, home prices, housing price decline, negative equity, distressed properties