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Monthly Home Prices Decline for the First Time in Four Months
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You're Now Reading:
Monthly Home Prices Decline for the First Time in Four Months
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.
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Monthly Home Prices Decline for the First Time in Four Months
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October 7, 2011 (Chris Moore)

Monthly national home prices fell for the first time in four months in August, declining 0.4 percent according to CoreLogic’s August Home Price Index (HPI), signaling the end of the traditional summer selling season.

As home prices have increased since April, the gap between the current month’s price and prices from the previous year has narrowed. Despite the price decline in August, home prices were 4.4 percent lower than the previous year, but in July the gap was 4.8 percent, in June it was 6.0 percent, in May it was 7.4 percent and in April it was 7.5 percent.

Although prices in August dropped modestly, year-over-year prices were only 0.7 percent lower when excluding distressed property sales. In July, the decline would have been 1.7 percent when excluding distressed property sales despite an overall monthly price increase.

Compared to the market peak in April 2006, home prices have declined 30.5 percent when including distressed property sales and when excluding distressed property sales, home prices have dropped 21.0 percent since the market peak.

CoreLogic defines distressed property sales as short sales and real estate owned (REO) transactions.

“Although the calendar says August, the end of the summer traditionally marks the beginning of ‘fall’ for the housing market as it begins to prepare for ‘winter.’ So the slight month-over-month decline was predictable, particularly given the renewed concerns over a double-dip recession, high negative equity, and the persistent levels of shadow inventory. The continued bright spot is the non-distressed segment of the market, which is only marginally lower than a year ago and continues to exhibit relative strength,” said Mark Fleming, chief economist for CoreLogic.

Eighty out of the top 100 Core Based Statistical Areas (CBSAs) experienced year over year price declines in August 2011, which was a decrease from 88 reported in July 2011.

The five states with the highest year-over-year (YOY) appreciation including distressed sales were: West Virginia (+8.6 percent), Wyoming (+3.6 percent), North Dakota (+3.5 percent), New York (+3.2 percent), and Alaska (+2.2 percent). In July 2011, those states were: West Virginia (+14.0 percent), New York (+3.3 percent), Wyoming (+3.2 percent), Mississippi (+2.4 percent), and the District of Columbia (+2.3 percent).

The five states with the greatest YOY depreciation including distressed sales were: Nevada (-12.4 percent), Arizona (-10.7 percent), Illinois (-9.6 percent), Minnesota (-7.8 percent), and Georgia (-7.2 percent). In July 2011, those states were Nevada (-12.2 percent), Arizona (-11.9 percent), Illinois (-10.0 percent) Minnesota (-8.6 percent), and Idaho (-7.8 percent).

The five states with the highest YOY appreciation excluding distressed sales were: West Virginia (+10.7 percent), Mississippi (+4.8 percent), Hawaii (+4.4 percent), North Dakota (+4.2 percent), and Kansas (+3.7 percent). In July 2011, those states were: West Virginia (+16.8 percent), South Carolina (+5.5 percent), New York (+4.1 percent), Wyoming (+3.8 percent), and North Dakota (+3.6 percent).

The five states with the greatest YOY depreciation excluding distressed sales were: Nevada (-8.8 percent), Arizona (-8.3 percent), Delaware (-4.9 percent), Michigan (-4.3 percent), and Minnesota (-4.2 percent). In July 2011, those states were: Nevada (-9.6 percent), Arizona (-8.1 percent), Delaware (-6.5 percent), Minnesota (-5.7 percent), and Michigan (-4.7 percent).

Tags: CoreLogic, home prices, distressed property sales, appreciation, depreciation

Sources:
CoreLogic

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October 7, 2011 (Chris Moore)

Monthly national home prices fell for the first time in four months in August, declining 0.4 percent according to CoreLogic’s August Home Price Index (HPI), signaling the end of the traditional summer selling season.

As home prices have increased since April, the gap between the current month’s price and prices from the previous year has narrowed. Despite the price decline in August, home prices were 4.4 percent lower than the previous year, but in July the gap was 4.8 percent, in June it was 6.0 percent, in May it was 7.4 percent and in April it was 7.5 percent.

Although prices in August dropped modestly, year-over-year prices were only 0.7 percent lower when excluding distressed property sales. In July, the decline would have been 1.7 percent when excluding distressed property sales despite an overall monthly price increase.

Compared to the market peak in April 2006, home prices have declined 30.5 percent when including distressed property sales and when excluding distressed property sales, home prices have dropped 21.0 percent since the market peak.

CoreLogic defines distressed property sales as short sales and real estate owned (REO) transactions.

“Although the calendar says August, the end of the summer traditionally marks the beginning of ‘fall’ for the housing market as it begins to prepare for ‘winter.’ So the slight month-over-month decline was predictable, particularly given the renewed concerns over a double-dip recession, high negative equity, and the persistent levels of shadow inventory. The continued bright spot is the non-distressed segment of the market, which is only marginally lower than a year ago and continues to exhibit relative strength,” said Mark Fleming, chief economist for CoreLogic.

Eighty out of the top 100 Core Based Statistical Areas (CBSAs) experienced year over year price declines in August 2011, which was a decrease from 88 reported in July 2011.

The five states with the highest year-over-year (YOY) appreciation including distressed sales were: West Virginia (+8.6 percent), Wyoming (+3.6 percent), North Dakota (+3.5 percent), New York (+3.2 percent), and Alaska (+2.2 percent). In July 2011, those states were: West Virginia (+14.0 percent), New York (+3.3 percent), Wyoming (+3.2 percent), Mississippi (+2.4 percent), and the District of Columbia (+2.3 percent).

The five states with the greatest YOY depreciation including distressed sales were: Nevada (-12.4 percent), Arizona (-10.7 percent), Illinois (-9.6 percent), Minnesota (-7.8 percent), and Georgia (-7.2 percent). In July 2011, those states were Nevada (-12.2 percent), Arizona (-11.9 percent), Illinois (-10.0 percent) Minnesota (-8.6 percent), and Idaho (-7.8 percent).

The five states with the highest YOY appreciation excluding distressed sales were: West Virginia (+10.7 percent), Mississippi (+4.8 percent), Hawaii (+4.4 percent), North Dakota (+4.2 percent), and Kansas (+3.7 percent). In July 2011, those states were: West Virginia (+16.8 percent), South Carolina (+5.5 percent), New York (+4.1 percent), Wyoming (+3.8 percent), and North Dakota (+3.6 percent).

The five states with the greatest YOY depreciation excluding distressed sales were: Nevada (-8.8 percent), Arizona (-8.3 percent), Delaware (-4.9 percent), Michigan (-4.3 percent), and Minnesota (-4.2 percent). In July 2011, those states were: Nevada (-9.6 percent), Arizona (-8.1 percent), Delaware (-6.5 percent), Minnesota (-5.7 percent), and Michigan (-4.7 percent).

Tags: CoreLogic, home prices, distressed property sales, appreciation, depreciation

Sources:
CoreLogic

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.

October 7, 2011 (Chris Moore)

Monthly national home prices fell for the first time in four months in August, declining 0.4 percent according to CoreLogic’s August Home Price Index (HPI), signaling the end of the traditional summer selling season.

As home prices have increased since April, the gap between the current month’s price and prices from the previous year has narrowed. Despite the price decline in August, home prices were 4.4 percent lower than the previous year, but in July the gap was 4.8 percent, in June it was 6.0 percent, in May it was 7.4 percent and in April it was 7.5 percent.

Although prices in August dropped modestly, year-over-year prices were only 0.7 percent lower when excluding distressed property sales. In July, the decline would have been 1.7 percent when excluding distressed property sales despite an overall monthly price increase.

Compared to the market peak in April 2006, home prices have declined 30.5 percent when including distressed property sales and when excluding distressed property sales, home prices have dropped 21.0 percent since the market peak.

CoreLogic defines distressed property sales as short sales and real estate owned (REO) transactions.

“Although the calendar says August, the end of the summer traditionally marks the beginning of ‘fall’ for the housing market as it begins to prepare for ‘winter.’ So the slight month-over-month decline was predictable, particularly given the renewed concerns over a double-dip recession, high negative equity, and the persistent levels of shadow inventory. The continued bright spot is the non-distressed segment of the market, which is only marginally lower than a year ago and continues to exhibit relative strength,” said Mark Fleming, chief economist for CoreLogic.

Eighty out of the top 100 Core Based Statistical Areas (CBSAs) experienced year over year price declines in August 2011, which was a decrease from 88 reported in July 2011.

The five states with the highest year-over-year (YOY) appreciation including distressed sales were: West Virginia (+8.6 percent), Wyoming (+3.6 percent), North Dakota (+3.5 percent), New York (+3.2 percent), and Alaska (+2.2 percent). In July 2011, those states were: West Virginia (+14.0 percent), New York (+3.3 percent), Wyoming (+3.2 percent), Mississippi (+2.4 percent), and the District of Columbia (+2.3 percent).

The five states with the greatest YOY depreciation including distressed sales were: Nevada (-12.4 percent), Arizona (-10.7 percent), Illinois (-9.6 percent), Minnesota (-7.8 percent), and Georgia (-7.2 percent). In July 2011, those states were Nevada (-12.2 percent), Arizona (-11.9 percent), Illinois (-10.0 percent) Minnesota (-8.6 percent), and Idaho (-7.8 percent).

The five states with the highest YOY appreciation excluding distressed sales were: West Virginia (+10.7 percent), Mississippi (+4.8 percent), Hawaii (+4.4 percent), North Dakota (+4.2 percent), and Kansas (+3.7 percent). In July 2011, those states were: West Virginia (+16.8 percent), South Carolina (+5.5 percent), New York (+4.1 percent), Wyoming (+3.8 percent), and North Dakota (+3.6 percent).

The five states with the greatest YOY depreciation excluding distressed sales were: Nevada (-8.8 percent), Arizona (-8.3 percent), Delaware (-4.9 percent), Michigan (-4.3 percent), and Minnesota (-4.2 percent). In July 2011, those states were: Nevada (-9.6 percent), Arizona (-8.1 percent), Delaware (-6.5 percent), Minnesota (-5.7 percent), and Michigan (-4.7 percent).

Tags: CoreLogic, home prices, distressed property sales, appreciation, depreciation

Sources:
CoreLogic

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.