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Home Price Index Falls for Fifth Consecutive Month
Home Price Index Falls for Fifth Consecutive Month
Home Price Index Falls for Fifth Consecutive Month
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February 21, 2012 (Jeff Alan)

The national average home price fell 0.6 percent to $199,000 for transactions completed in November according to the latest Lender Processing Services (LPS) Home Price Index (HPI), the fifth consecutive month that the average home price has fallen.

The price decline follows a 0.8 percent decline in October and continues a seasonal fall pattern that has been experienced by the housing market since 2009. The average home price was 4.8 percent below November 2010’s prices and is 3.4 percent below the average price of a home at the beginning of 2011. It was the fifth consecutive month that the Index posted a decline in home prices.

The LPS HPI summarizes national home prices by tracking monthly prices in over 13,500 ZIP codes covering 436 Metropolitan Statistical Areas (MSAs) and covers about 75 percent of the single-family properties in the U.S.

Average home prices peaked at $282,000 in June 2006 with the most rapid decline in home prices occurring between July 31, 2007, and December, 2009, when prices declined $56,000 from the market’s peak, an annual decline of 13.8 percent. Since that time, the annual rate of decline has slowed to an average of 4.4 percent, with home prices declining an additional $26,000 during that time.

The total value of U.S. housing inventory covered by the Index stood at $10.8 trillion at the market peak and was valued at $7.5 trillion at the end of November, a decline of 30.6 percent.

Twenty-three of the 26 largest MSAs in the Index posted a monthly decline in average prices with the largest losses posted in Atlanta (-2.7%), Chicago (-1.5%), Kansas City (-1.1%) and Seattle (-1.1%). Miami (+0.6%), Phoenix (+1.1%), and Tampa (+0.1%) were the only MSAs to post an increase from October to November.

Since the beginning of 2011 through the end of November, only 7 of the 26 largest MSAs have posted an increase in average home prices with the largest gains posted in Detroit (+5.8%), Pittsburgh (+2.0%) and Miami (+1.2%), while the largest losses have occurred in Atlanta (-22.8%), Seattle (-6.2%) and San Francisco (-6.0%).

Year-over-year, only three of the 26 MSAs have posted an increase in average home prices led again by Detroit with a gain of 4.4 percent. The largest decline in home prices was also in Atlanta where prices have fallen 24.4 percent in the last year.

Average home prices in five MSA’s, Detroit, Atlanta, Cleveland, Phoenix and Chicago are currently 44.4, 31.0, 10.2, 6.7 and 1.0 percent below January 2000 levels, respectively.

Early, partial data for December’s sales indicates that a likely home price decline of approximately 0.8 percent will be posted for the month.

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

Source:
LPS

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Estimate your monthly mortgage payment
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Determine how much car you can afford before buying
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February 21, 2012 (Jeff Alan)

The national average home price fell 0.6 percent to $199,000 for transactions completed in November according to the latest Lender Processing Services (LPS) Home Price Index (HPI), the fifth consecutive month that the average home price has fallen.

The price decline follows a 0.8 percent decline in October and continues a seasonal fall pattern that has been experienced by the housing market since 2009. The average home price was 4.8 percent below November 2010’s prices and is 3.4 percent below the average price of a home at the beginning of 2011. It was the fifth consecutive month that the Index posted a decline in home prices.

The LPS HPI summarizes national home prices by tracking monthly prices in over 13,500 ZIP codes covering 436 Metropolitan Statistical Areas (MSAs) and covers about 75 percent of the single-family properties in the U.S.

Average home prices peaked at $282,000 in June 2006 with the most rapid decline in home prices occurring between July 31, 2007, and December, 2009, when prices declined $56,000 from the market’s peak, an annual decline of 13.8 percent. Since that time, the annual rate of decline has slowed to an average of 4.4 percent, with home prices declining an additional $26,000 during that time.

The total value of U.S. housing inventory covered by the Index stood at $10.8 trillion at the market peak and was valued at $7.5 trillion at the end of November, a decline of 30.6 percent.

Twenty-three of the 26 largest MSAs in the Index posted a monthly decline in average prices with the largest losses posted in Atlanta (-2.7%), Chicago (-1.5%), Kansas City (-1.1%) and Seattle (-1.1%). Miami (+0.6%), Phoenix (+1.1%), and Tampa (+0.1%) were the only MSAs to post an increase from October to November.

Since the beginning of 2011 through the end of November, only 7 of the 26 largest MSAs have posted an increase in average home prices with the largest gains posted in Detroit (+5.8%), Pittsburgh (+2.0%) and Miami (+1.2%), while the largest losses have occurred in Atlanta (-22.8%), Seattle (-6.2%) and San Francisco (-6.0%).

Year-over-year, only three of the 26 MSAs have posted an increase in average home prices led again by Detroit with a gain of 4.4 percent. The largest decline in home prices was also in Atlanta where prices have fallen 24.4 percent in the last year.

Average home prices in five MSA’s, Detroit, Atlanta, Cleveland, Phoenix and Chicago are currently 44.4, 31.0, 10.2, 6.7 and 1.0 percent below January 2000 levels, respectively.

Early, partial data for December’s sales indicates that a likely home price decline of approximately 0.8 percent will be posted for the month.

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 LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
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.
Information You Can Use
Helpful Tools

February 21, 2012 (Jeff Alan)

The national average home price fell 0.6 percent to $199,000 for transactions completed in November according to the latest Lender Processing Services (LPS) Home Price Index (HPI), the fifth consecutive month that the average home price has fallen.

The price decline follows a 0.8 percent decline in October and continues a seasonal fall pattern that has been experienced by the housing market since 2009. The average home price was 4.8 percent below November 2010’s prices and is 3.4 percent below the average price of a home at the beginning of 2011. It was the fifth consecutive month that the Index posted a decline in home prices.

The LPS HPI summarizes national home prices by tracking monthly prices in over 13,500 ZIP codes covering 436 Metropolitan Statistical Areas (MSAs) and covers about 75 percent of the single-family properties in the U.S.

Average home prices peaked at $282,000 in June 2006 with the most rapid decline in home prices occurring between July 31, 2007, and December, 2009, when prices declined $56,000 from the market’s peak, an annual decline of 13.8 percent. Since that time, the annual rate of decline has slowed to an average of 4.4 percent, with home prices declining an additional $26,000 during that time.

The total value of U.S. housing inventory covered by the Index stood at $10.8 trillion at the market peak and was valued at $7.5 trillion at the end of November, a decline of 30.6 percent.

Twenty-three of the 26 largest MSAs in the Index posted a monthly decline in average prices with the largest losses posted in Atlanta (-2.7%), Chicago (-1.5%), Kansas City (-1.1%) and Seattle (-1.1%). Miami (+0.6%), Phoenix (+1.1%), and Tampa (+0.1%) were the only MSAs to post an increase from October to November.

Since the beginning of 2011 through the end of November, only 7 of the 26 largest MSAs have posted an increase in average home prices with the largest gains posted in Detroit (+5.8%), Pittsburgh (+2.0%) and Miami (+1.2%), while the largest losses have occurred in Atlanta (-22.8%), Seattle (-6.2%) and San Francisco (-6.0%).

Year-over-year, only three of the 26 MSAs have posted an increase in average home prices led again by Detroit with a gain of 4.4 percent. The largest decline in home prices was also in Atlanta where prices have fallen 24.4 percent in the last year.

Average home prices in five MSA’s, Detroit, Atlanta, Cleveland, Phoenix and Chicago are currently 44.4, 31.0, 10.2, 6.7 and 1.0 percent below January 2000 levels, respectively.

Early, partial data for December’s sales indicates that a likely home price decline of approximately 0.8 percent will be posted for the month.

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

Source:
LPS

HOW LOANRATENETWORK
LOAN CENTER 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 LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
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.
Information You Can Use

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