CoreLogic’s January Home Price Index shows that U.S. home prices are still falling, although slower than the previous month. Prices declined 0.9% in January compared to last year (when excluding distressed property sales) and showed a 0.7% gain on the month. Experts say the slowing decline is a sign of an approaching bottom, although price levels have fallen to those seen 10 years ago. When distressed property sales are excluded, states seeing the most appreciation are South Dakota and Montana, while those seeing the most depreciation include Delaware and Minnesota. States with the largest peak-to-decline ratio include Nevada, Arizona, Florida, California and Michigan. For more on this continue reading the following article from Property Wire.
Nationwide prices in the United States declined on a year on year basis by 3.1% in January 2012 and by 1% compared to December 2011, the latest index published today (Wednesday 07 March) shows.
It was the sixth consecutive monthly decline in a row, the January Home Price Index report from CoreLogic reveals. The index is regarded as a comprehensive source of price information.
Excluding distressed sales, year on year prices declined by 0.9% in January 2012 compared to January 2011, but that same metric posted a month on month gain, rising 0.7% in January. Distressed sales include short sales and real estate owned (REO) transactions.
‘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,’ said Mark Fleming, chief economist for CoreLogic.
Including distressed sales, the five states with the highest appreciation were South Dakota, up 5.7%, North Dakota and West Virginia both up 4%, Montana up 3.6% and Michigan up 3%.
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Including distressed sales, the five states with the greatest depreciation were Illinois which was down 8.7%, Nevada down 8%, Delaware down 7.9%, Alabama down 7.7% and Georgia down 7.5%.
Excluding distressed sales, the five states with the highest appreciation were South Dakota which was up 6.4%, Montana up 5.9%, North Dakota up 3.8%, Alaska up 3.7% and Indiana up 2.7%.
Excluding distressed sales, the five states with the greatest depreciation were Nevada which was down 6.7%, Delaware down 5.5%, Minnesota down 4.1%, New Jersey down 3.5% and Georgia down 3.3%.
Including distressed transactions, the peak to current change in the national Hone Price Index from April 2006 to January 2012 was -34%. Excluding distressed transactions, the peak to current change in the HPI for the same period was -24.2%.
The five states with the largest peak to current declines including distressed transactions are Nevada down 60.1%, Arizona down 50.8%, Florida down 49%, California down 43.6% and Michigan down 43.2%.
Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 71 were showing year on year declines in January, eight fewer than in December.
This article was republished with permission from Property Wire.