More signs of a double dip in housing as Core Logic reports a 3.93% decline in home prices for the month of October (via Core Logic):
SANTA ANA, Calif., December 16, 2010 – CoreLogic (NYSE: CLGX), a leading provider of
information, analytics and business services, today released its October Home Price Index (HPI) which
shows that home prices in the U.S. declined for the third month in a row. According to the CoreLogic HPI,
national home prices, including distressed sales, declined by 3.93 percent in October 2010 compared to
October 2009 and declined by 2.43 percent* in September 2010 compared to September 2009. Excluding
distressed sales, year-over-year prices declined by 1.5 percent in October 2010 compared to October 2009.
Highlights as of October 2010
- Including distressed sales, the five states with the highest appreciation were: North Dakota (+4.61 percent), West Virginia (+3.43 percent), Vermont (+2.59 percent), Maine (+1.97 percent) and Wyoming (+1.93 percent).
- Including distressed sales, the five states with the greatest depreciation were: Idaho (-15.06 percent), Alabama (-9.30 percent), Oregon (-8.50 percent), Arizona (-8.25 percent) and Florida (-8.00 percent).
- Excluding distressed sales, the five states with the highest appreciation were: Wyoming (+5.67 percent), North Dakota (+5.35 percent), Hawaii (+2.97 percent), New York (+2.93 percent), and Vermont (+2.84 percent).
- Excluding distressed sales, the five states with the greatest depreciation were: Idaho (-10.60 percent), Arizona (-6.37 percent), Washington (-5.94 percent), Michigan (-5.91 percent) and Oregon (-5.60 percent).
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to October 2010) was –30.2 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was –20.9 percent.
“We are continuing to see the weakness in home prices without artificial government support in the form
of tax credits. The stubborn unemployment levels and seasonality are also coming into play,” said Mark
Fleming, chief economist for CoreLogic. “When you combine these factors with high shadow and visible
inventories, the prospect for a housing recovery in early 2011 is fading.”
Source: Core Logic