Home Prices in U.S. Down 7.5% in March, Says CoreLogic Report

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Home Price Index Shows Year-Over-Year Decline for 8th Straight Month

According to CoreLogic's  (NYSE:CLGX) March Home Price Index (HPI), home prices in the U.S. declined for the eighth month in a row.

The CoreLogic HPI reports that national home prices, including distressed sales, declined by 7.5 percent in March 2011 compared to March 2010 after declining by 5.8 percent in February 2011 compared to February 2010.

Excluding distressed sales, year-over-year prices declined by 0.96 percent in March 2011 compared to March 2010 and by 2.0 percent in February 2011 compared to February 2010. Distressed sales include short sales and real estate owned (REO) transactions.

"Last year the First Time Homebuyer Tax Credit pulled a significant number of sales forward and, to an extent, artificially supported prices. So, absent the home buyer tax credit, it is understandable that we see prices continue to decline when compared with last year," said Mark Fleming, chief economist with CoreLogic. "As we move further away from that support, we will see a leveling of prices and eventually organic improvements in the market."
 
Highlights as of March 2011

• Including distressed sales, the five states with the highest appreciation were: West Virginia (+7.7 percent), North Dakota (+4.1 percent), New York (+3.5 percent), Alaska (+2.4 percent) and Maine (+0.4 percent).

• Including distressed sales, the five states with the greatest depreciation were: Idaho (-13.3 percent), Arizona (-12.3 percent), Michigan (-11.9 percent), Florida (-10.6 percent) and Illinois (-10.6 percent).

• Excluding distressed sales, the five states with the highest appreciation were: West Virginia (+11.5 percent), New York (+4.5 percent), Mississippi (+4.4 percent), North Dakota (+4.1 percent) and Alaska (+4.0 percent).

• Excluding distressed sales, the five states with the greatest depreciation were: Nevada (-8.9 percent), Idaho (-8.8 percent), Arizona (-6.6 percent), Maine (-6.6 percent) and Minnesota (-5 percent).

• Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to March 2011) was -34.8 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -22.5 percent.

• Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 92 are showing year-over-year declines in March, an increase over February when 85 of the top CBSAs were showing year-over-year declines.

 

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