CoreLogic reported a 6.7% year over year decline in February 2011. The double dip is firmly in process (CoreLogic reports):
“SANTA ANA, Calif., April 7, 2011 — CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its February Home Price Index (HPI) which shows that home prices in the U.S. declined for the seventh month in a row. According to the CoreLogic HPI, national home prices, including distressed sales, declined by 6.7 percent in February 2011 compared to February 2010 after declining by 5.5 percent* in January 2011 compared to January 2010. Excluding distressed sales, year-over-year prices declined by 0.1 percent in February 2011 compared to February 2010 and by 1.4* percent in January 2011 compared to January 2010. Distressed sales include short sales and real estate owned (REO) transactions.
Despite the continued overall decline, home prices excluding distressed properties are showing signs of stability according to Mark Fleming, chief economist with CoreLogic. “When you remove distressed properties from the equation, we’re seeing a significantly reduced pace of depreciation and greater stability in many markets. Price declines are increasingly isolated to the distressed segment of the market, mostly in the form of REO sales, as the stock of foreclosures is slowly cleared,” he said.”