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Home Prices Continue to Tumble, Falling One Percent in January
Home Prices Continue to Tumble, Falling One Percent in January
Home Prices Continue to Tumble, Falling One Percent in January
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March 8, 2012 (Chris Moore)

Monthly home prices fell for the sixth consecutive month in January, declining 1.0 percent from the previous month, according to CoreLogic’s January Home Price Index (HPI).

Including distressed property sales, home prices in January were 3.1 percent lower than in the same month last year. Excluding distressed properties, home prices would have been only been 0.9 percent lower than the previous year and would have resulted in a 0.7 percent gain from December.

Nevada (-60.1 percent) continued to post the largest decline in home prices since the market peaked in 2006 followed by Arizona (-50.8 percent), Florida (-49.0 percent), California (-43.6 percent) and Michigan (-43.2 percent). That was little changed from last month’s list of worst performing states which included Nevada (-60.0 percent), Arizona (-51.9 percent), Florida (-50 percent), Michigan (-43.7 percent), and California (-43.5 percent).

Since the market peak in April 2006, home prices have declined 34.0 percent when including distressed property sales and when excluding distressed property sales, home prices have dropped 24.2 percent since the market peak.

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

Mark Fleming, chief economist for CoreLogic, stated, “Although home price declines are slowly improving and not far from the bottom, home prices are down to nearly the same levels as 10 years ago.”

Seventy-one out of the top 100 Core Based Statistical Areas (CBSAs) experienced year-over-year price declines in January, which was eight less than the revised amount reported in December.

The five states with the highest year-over-year (YOY) appreciation including distressed sales were: South Dakota (+5.7 percent), North Dakota (+4.0 percent), West Virginia (+4.0 percent), Montana (+3.6 percent) and Michigan (+3.0 percent). In December, those states were: Montana (+4.4 percent), Vermont (+4.0 percent), South Dakota (+3.1 percent), Nebraska (+2.5 percent) and New York (+1.7 percent).

The five states with the greatest YOY depreciation including distressed sales were: Illinois (-8.7 percent), Nevada (-8.0 percent), Delaware (-7.9 percent), Alabama (-7.7 percent) and Georgia (-7.5 percent). In December, those states were: Illinois (-11.3 percent), Nevada (-10.6 percent), Georgia (-8.3 percent), Ohio (-7.7 percent), and Minnesota (-7.5 percent).

The five states with the highest YOY appreciation excluding distressed sales were: South Dakota (+6.4 percent), Montana (+5.9 percent), North Dakota (+3.8 percent), Alaska (+3.7 percent) and Indiana (+2.7 percent). In December, those states were: Montana (+7.7 percent), South Dakota (+3.5 percent), Indiana (+3.3 percent), Alaska (+3.1 percent), and Massachusetts (+2.9 percent).

The five states with the greatest YOY depreciation excluding distressed sales were: Nevada (-6.7 percent), Delaware (-5.5 percent), Minnesota (-4.1 percent), New Jersey (-3.5 percent) and Georgia (-3.3 percent). In December, those states were: Nevada (-9.7 percent), Minnesota (-5.2 percent), Arizona (-4.9 percent), Delaware (-4.2 percent) and Michigan (-3.5 percent).

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

Sources:
CoreLogic

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March 8, 2012 (Chris Moore)

Monthly home prices fell for the sixth consecutive month in January, declining 1.0 percent from the previous month, according to CoreLogic’s January Home Price Index (HPI).

Including distressed property sales, home prices in January were 3.1 percent lower than in the same month last year. Excluding distressed properties, home prices would have been only been 0.9 percent lower than the previous year and would have resulted in a 0.7 percent gain from December.

Nevada (-60.1 percent) continued to post the largest decline in home prices since the market peaked in 2006 followed by Arizona (-50.8 percent), Florida (-49.0 percent), California (-43.6 percent) and Michigan (-43.2 percent). That was little changed from last month’s list of worst performing states which included Nevada (-60.0 percent), Arizona (-51.9 percent), Florida (-50 percent), Michigan (-43.7 percent), and California (-43.5 percent).

Since the market peak in April 2006, home prices have declined 34.0 percent when including distressed property sales and when excluding distressed property sales, home prices have dropped 24.2 percent since the market peak.

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

Mark Fleming, chief economist for CoreLogic, stated, “Although home price declines are slowly improving and not far from the bottom, home prices are down to nearly the same levels as 10 years ago.”

Seventy-one out of the top 100 Core Based Statistical Areas (CBSAs) experienced year-over-year price declines in January, which was eight less than the revised amount reported in December.

The five states with the highest year-over-year (YOY) appreciation including distressed sales were: South Dakota (+5.7 percent), North Dakota (+4.0 percent), West Virginia (+4.0 percent), Montana (+3.6 percent) and Michigan (+3.0 percent). In December, those states were: Montana (+4.4 percent), Vermont (+4.0 percent), South Dakota (+3.1 percent), Nebraska (+2.5 percent) and New York (+1.7 percent).

The five states with the greatest YOY depreciation including distressed sales were: Illinois (-8.7 percent), Nevada (-8.0 percent), Delaware (-7.9 percent), Alabama (-7.7 percent) and Georgia (-7.5 percent). In December, those states were: Illinois (-11.3 percent), Nevada (-10.6 percent), Georgia (-8.3 percent), Ohio (-7.7 percent), and Minnesota (-7.5 percent).

The five states with the highest YOY appreciation excluding distressed sales were: South Dakota (+6.4 percent), Montana (+5.9 percent), North Dakota (+3.8 percent), Alaska (+3.7 percent) and Indiana (+2.7 percent). In December, those states were: Montana (+7.7 percent), South Dakota (+3.5 percent), Indiana (+3.3 percent), Alaska (+3.1 percent), and Massachusetts (+2.9 percent).

The five states with the greatest YOY depreciation excluding distressed sales were: Nevada (-6.7 percent), Delaware (-5.5 percent), Minnesota (-4.1 percent), New Jersey (-3.5 percent) and Georgia (-3.3 percent). In December, those states were: Nevada (-9.7 percent), Minnesota (-5.2 percent), Arizona (-4.9 percent), Delaware (-4.2 percent) and Michigan (-3.5 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 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.
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Helpful Tools

March 8, 2012 (Chris Moore)

Monthly home prices fell for the sixth consecutive month in January, declining 1.0 percent from the previous month, according to CoreLogic’s January Home Price Index (HPI).

Including distressed property sales, home prices in January were 3.1 percent lower than in the same month last year. Excluding distressed properties, home prices would have been only been 0.9 percent lower than the previous year and would have resulted in a 0.7 percent gain from December.

Nevada (-60.1 percent) continued to post the largest decline in home prices since the market peaked in 2006 followed by Arizona (-50.8 percent), Florida (-49.0 percent), California (-43.6 percent) and Michigan (-43.2 percent). That was little changed from last month’s list of worst performing states which included Nevada (-60.0 percent), Arizona (-51.9 percent), Florida (-50 percent), Michigan (-43.7 percent), and California (-43.5 percent).

Since the market peak in April 2006, home prices have declined 34.0 percent when including distressed property sales and when excluding distressed property sales, home prices have dropped 24.2 percent since the market peak.

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

Mark Fleming, chief economist for CoreLogic, stated, “Although home price declines are slowly improving and not far from the bottom, home prices are down to nearly the same levels as 10 years ago.”

Seventy-one out of the top 100 Core Based Statistical Areas (CBSAs) experienced year-over-year price declines in January, which was eight less than the revised amount reported in December.

The five states with the highest year-over-year (YOY) appreciation including distressed sales were: South Dakota (+5.7 percent), North Dakota (+4.0 percent), West Virginia (+4.0 percent), Montana (+3.6 percent) and Michigan (+3.0 percent). In December, those states were: Montana (+4.4 percent), Vermont (+4.0 percent), South Dakota (+3.1 percent), Nebraska (+2.5 percent) and New York (+1.7 percent).

The five states with the greatest YOY depreciation including distressed sales were: Illinois (-8.7 percent), Nevada (-8.0 percent), Delaware (-7.9 percent), Alabama (-7.7 percent) and Georgia (-7.5 percent). In December, those states were: Illinois (-11.3 percent), Nevada (-10.6 percent), Georgia (-8.3 percent), Ohio (-7.7 percent), and Minnesota (-7.5 percent).

The five states with the highest YOY appreciation excluding distressed sales were: South Dakota (+6.4 percent), Montana (+5.9 percent), North Dakota (+3.8 percent), Alaska (+3.7 percent) and Indiana (+2.7 percent). In December, those states were: Montana (+7.7 percent), South Dakota (+3.5 percent), Indiana (+3.3 percent), Alaska (+3.1 percent), and Massachusetts (+2.9 percent).

The five states with the greatest YOY depreciation excluding distressed sales were: Nevada (-6.7 percent), Delaware (-5.5 percent), Minnesota (-4.1 percent), New Jersey (-3.5 percent) and Georgia (-3.3 percent). In December, those states were: Nevada (-9.7 percent), Minnesota (-5.2 percent), Arizona (-4.9 percent), Delaware (-4.2 percent) and Michigan (-3.5 percent).

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

Sources:
CoreLogic

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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