CoreLogic® Home Price Index Shows
Sixth Consecutive Month-Over-Month Decline
Year-Over-Year Declines Have Continued for the Last Eighteen Months
Home prices including distressed sales, declined on a year-over-year basis by 3.1 percent in January 2012 and by 1.0 percent compared to January 2012, the sixth consecutive monthly decline.
Excluding distressed sales, year-over-year prices declined by 0.9 percent in January 2012 compared to January 2011, but that same metric posted a month-over-month gain, rising 0.7 percent in January. Distressed sales include short sales and real estate owned (REO) transactions.
Highlights as of January 2012
- Including distressed sales, the five states with the highest appreciation 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).
- Including distressed sales, the five states with the greatest depreciation were: Illinois (-8.7 percent), Nevada (-8.0 percent), Delaware (-7.9 percent), Alabama (-7.7 percent) and Georgia (-7.5 percent).
- Excluding distressed sales, the five states with the highest appreciation were: South Dakota (+6.4 percent), Montana (+5.9 percent), North Dakota (+3.8 percent), Alaska (+3.7 percent) and Indiana (+2.7 percent).
- Excluding distressed sales, the five states with the greatest depreciation were: Nevada (-6.7 percent), Delaware (-5.5 percent), Minnesota (-4.1 percent), New Jersey (-3.5 percent) and Georgia (-3.3 percent).
"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.
*December data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.
Most Current, Most Comprehensive HPI Data
CoreLogic HPI monthly updates offer the quickest HPI collateral valuation information in the industry—complete HPI datasets five weeks after month's end—and leverage the full authority of CoreLogic's industry-leading real estate databases, covering 6,660 Zip codes, 608 Core Based Statistical Areas (CBSAs), and 1,159 counties in all 50 states and the District of Columbia.
CoreLogic HPI covers 6,660 ZIP codes, 608 Core Based Statistical Areas (CBSA) and 1,159 counties in all 50 states and the District of Columbia.
HPI for the Country's Largest Core Based Statistical Areas (CBSAs):
CBSA Chicago-Joliet-Naperville IL Atlanta-Sandy Springs-Marietta, GA Los Angeles-Long Beach-Glendale, CA Riverside-San Bernardino-Ontario, CA Philadelphia PA Houston-Sugar Land-Baytown, TX New York-White Plains-Wayne, NY-NJ Washington-Arlington-Alexandria, DC-VA-MD-WV Dallas-Plano-Irving, TX Phoenix-Mesa-Glendale, AZ
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CoreLogic is reporting that property values have been declining every month for the past 6 months. I can confirm that the areas of southern California where we appraise are mostly consistent with this trend. However, very recently I have seen evidence of a flattening in home pricing (I am not calling it flat yet, however). It is common for property values to decline during winter months and increase in the spring so it is also critically important to compare the same time periods across years to account for such seasonal trends.
Real Estate Appraiser