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LPS: January Home Prices Fall 0.9 Percent
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You're Now Reading:
LPS: January Home Prices Fall 0.9 Percent
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
LPS: January Home Prices Fall 0.9 Percent
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March 13, 2012 (Jeff Alan)

The national average home price fell 0.9 percent to $195,000 for transactions completed in January according to the latest Lender Processing Services (LPS) Home Price Index (HPI), leaving home prices at a level last seen in March of 2003.

It was the second consecutive decline in monthly home prices and follows a revised 0.4 percent decline in December. The average home price was 3.2 percent below January 2011’s prices and 26.4 percent below the market peak in June 2006.

Early, partial data from February’s sales suggest that the decline in home prices will continue with a likely price decline of approximately 0.3 percent expected for the month. The decline in home prices continues a seasonal fall/winter pattern that has been experienced by the housing market since 2009.

The LPS HPI was updated this month to include the impact of short sale and foreclosure price data on estimates of normal market prices and expanded geographic coverage with the inclusion of FHFA’s HPI data, increasing the number of Metropolitan Statistical Areas (MSAs) it tracks from 436 to approximately 585.

Previous data showed that the most rapid decline in home prices occurred between July 31, 2007, and January, 2009, with an annual rate of decline of 13.8 percent. However, new data suggests that the most rapid decline occurred from June 2007 through January 2008 at an annual rate of decline of 10.9 percent followed by a slower period of decline between January 2009 and May 2010, in which the annual rate of decline was 1.8 percent. The slower rate of decline was likely a result of the effects brought on by the home buyer tax credit programs which were introduced during that time period. Since that time, the fall in home prices has accelerated to an annual rate of decline of 5.2 percent.

Twenty-four of the 26 largest MSAs in the Index posted a monthly decline in average prices with the largest losses posted in Chicago (-2.1%), Cleveland (-1.9%) and San Francisco (-1.6%). Washington D.C. (+0.1%) was the only MSA to post an increase from December to January, while prices in Cincinnati remained unchanged.

Year-over-year, only four of the 26 largest MSAs posted an increase in average home prices with the largest gains posted in Pittsburgh (+3.1%) and Cincinnati (+1.2%) while the largest losses occurred in Atlanta (-10.6%), St. Louis (-8.3%) and Chicago (-7.8%).

Average home prices in three MSA’s, Detroit, Atlanta, and Cleveland are currently 30.3, 11.8, and 8.5 percent below January 2000 levels, respectively.

Tags: average home price, home price index, market peak, MSAs, rapid price decline

Source:
LPS

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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.
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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.
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March 13, 2012 (Jeff Alan)

The national average home price fell 0.9 percent to $195,000 for transactions completed in January according to the latest Lender Processing Services (LPS) Home Price Index (HPI), leaving home prices at a level last seen in March of 2003.

It was the second consecutive decline in monthly home prices and follows a revised 0.4 percent decline in December. The average home price was 3.2 percent below January 2011’s prices and 26.4 percent below the market peak in June 2006.

Early, partial data from February’s sales suggest that the decline in home prices will continue with a likely price decline of approximately 0.3 percent expected for the month. The decline in home prices continues a seasonal fall/winter pattern that has been experienced by the housing market since 2009.

The LPS HPI was updated this month to include the impact of short sale and foreclosure price data on estimates of normal market prices and expanded geographic coverage with the inclusion of FHFA’s HPI data, increasing the number of Metropolitan Statistical Areas (MSAs) it tracks from 436 to approximately 585.

Previous data showed that the most rapid decline in home prices occurred between July 31, 2007, and January, 2009, with an annual rate of decline of 13.8 percent. However, new data suggests that the most rapid decline occurred from June 2007 through January 2008 at an annual rate of decline of 10.9 percent followed by a slower period of decline between January 2009 and May 2010, in which the annual rate of decline was 1.8 percent. The slower rate of decline was likely a result of the effects brought on by the home buyer tax credit programs which were introduced during that time period. Since that time, the fall in home prices has accelerated to an annual rate of decline of 5.2 percent.

Twenty-four of the 26 largest MSAs in the Index posted a monthly decline in average prices with the largest losses posted in Chicago (-2.1%), Cleveland (-1.9%) and San Francisco (-1.6%). Washington D.C. (+0.1%) was the only MSA to post an increase from December to January, while prices in Cincinnati remained unchanged.

Year-over-year, only four of the 26 largest MSAs posted an increase in average home prices with the largest gains posted in Pittsburgh (+3.1%) and Cincinnati (+1.2%) while the largest losses occurred in Atlanta (-10.6%), St. Louis (-8.3%) and Chicago (-7.8%).

Average home prices in three MSA’s, Detroit, Atlanta, and Cleveland are currently 30.3, 11.8, and 8.5 percent below January 2000 levels, respectively.

Tags: average home price, home price index, market peak, MSAs, rapid price decline

Source:
LPS

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
WORKS
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.

March 13, 2012 (Jeff Alan)

The national average home price fell 0.9 percent to $195,000 for transactions completed in January according to the latest Lender Processing Services (LPS) Home Price Index (HPI), leaving home prices at a level last seen in March of 2003.

It was the second consecutive decline in monthly home prices and follows a revised 0.4 percent decline in December. The average home price was 3.2 percent below January 2011’s prices and 26.4 percent below the market peak in June 2006.

Early, partial data from February’s sales suggest that the decline in home prices will continue with a likely price decline of approximately 0.3 percent expected for the month. The decline in home prices continues a seasonal fall/winter pattern that has been experienced by the housing market since 2009.

The LPS HPI was updated this month to include the impact of short sale and foreclosure price data on estimates of normal market prices and expanded geographic coverage with the inclusion of FHFA’s HPI data, increasing the number of Metropolitan Statistical Areas (MSAs) it tracks from 436 to approximately 585.

Previous data showed that the most rapid decline in home prices occurred between July 31, 2007, and January, 2009, with an annual rate of decline of 13.8 percent. However, new data suggests that the most rapid decline occurred from June 2007 through January 2008 at an annual rate of decline of 10.9 percent followed by a slower period of decline between January 2009 and May 2010, in which the annual rate of decline was 1.8 percent. The slower rate of decline was likely a result of the effects brought on by the home buyer tax credit programs which were introduced during that time period. Since that time, the fall in home prices has accelerated to an annual rate of decline of 5.2 percent.

Twenty-four of the 26 largest MSAs in the Index posted a monthly decline in average prices with the largest losses posted in Chicago (-2.1%), Cleveland (-1.9%) and San Francisco (-1.6%). Washington D.C. (+0.1%) was the only MSA to post an increase from December to January, while prices in Cincinnati remained unchanged.

Year-over-year, only four of the 26 largest MSAs posted an increase in average home prices with the largest gains posted in Pittsburgh (+3.1%) and Cincinnati (+1.2%) while the largest losses occurred in Atlanta (-10.6%), St. Louis (-8.3%) and Chicago (-7.8%).

Average home prices in three MSA’s, Detroit, Atlanta, and Cleveland are currently 30.3, 11.8, and 8.5 percent below January 2000 levels, respectively.

Tags: average home price, home price index, market peak, MSAs, rapid price decline

Source:
LPS

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.