US property market faces long road to recovery
January 13, 2011 - United States
Residential property prices in the United States fell 5.07% in November compared with the previous year, the fourth month in a row of declines, according to the latest report from CoreLogic.
The CoreLogic HPI, national home prices, including distressed sales, also declined by 3.35% in October 2010 compared to October 2009.
Excluding distressed sales, year on year prices fell by 2.21% in November 2010 compared to November 2009 and declined by 2.24% in October 2010 compared to October 2009.
Including distressed sales, the five states with the highest appreciation were Maine, up 8.58%, North Dakota up 4.41%, Wyoming up 3.67%, New York up 2.07% and Vermont up 1.78%.
Including distressed sales, the five states with the greatest falls were Idaho, down 13.56%, Alabama down 11.18%, Arizona down 10.38%, Oregon down 9.26% and Mississippi down 8.37%.
If distressed sales are excluded, the five states with the highest gains were Wyoming up 6.47%, North Dakota up 4.91%, Maine up 4.46%, New York up 3.96% and District of Columbia up 3.54%.
Meanwhile the five states with the greatest falls, excluding distressed sales, were Idaho down 10.42%, Alabama down 7.82%, Arizona down 7.81%, Nevada down 6.13% and Washington down 6.05%.
Including distressed transactions, the peak-to-current change in the national HPI from April 2006 to November 2010 was down 30%. Excluding distressed transactions, it was down 21.7%.
‘We're continuing to see the influence of seasonal declines that typically depress home prices during the latter part of the year, but the fact that the rate of decline increased for November is indicative of the uphill battle we're facing with the housing recovery,' said Mark Fleming, chief economist for CoreLogic.
The CoreLogic HPI incorporates more than 30 years worth of repeat sales transactions, representing more than 55 million observations sourced from CoreLogic's industry leading property information and its securities and servicing databases.
The CoreLogic HPI provides a multi-tier market evaluation based on price, time between sales, property type, loan type (conforming vs. nonconforming), and distressed sales.
The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, which provides a more accurate constant-quality view of pricing trends than basing analysis on all home sales.
The CoreLogic HPI provides the most comprehensive set of monthly home price indices and median sales prices available covering 6,208 ZIP codes, some 58% of the total US population.
This article has been republished from Propertywire
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