CoreLogic Home Price Index Shows Year-Over-Year Decline for Seventh Straight Month
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April 07, 2011, Santa Ana, Calif. –
Home Prices Down 6.7 Percent; However, Non-Distressed Properties Showing Signs of Stability
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.
Highlights as of February 2011
- Including distressed sales, the five states with the highest appreciation were: West Virginia (+5.4 percent), New York (+4.7 percent), North Dakota (+4.1 percent), Maine (+3.6 percent) and Alaska (+1.2 percent).
- Including distressed sales, the five states with the greatest depreciation were: Idaho (-14.6 percent), Arizona (-12.0 percent), Florida (-11.2 percent), Michigan (-11.1 percent) and Illinois (-11.1 percent).
- Excluding distressed sales, the five states with the highest appreciation were: West Virginia (+8.2 percent), New York (+5.7 percent), South Carolina (+5.4 percent), Hawaii (+5.0 percent), and District of Columbia (+4.5 percent).
- Excluding distressed sales, the five states with the greatest depreciation were: Idaho (-9.3 percent), Montana (-8.6 percent), Maine (-6.2 percent), Arizona (-5.4 percent) and Rhode Island (-5.4 percent).
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to February 2011) was -34.5 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -21.7 percent.
- Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 86 are showing year-over-year declines in February, an improvement over January when 88 of the top CBSAs were showing year-over-year declines.
*January 2010 data, including distressed sales, was revised from a decline of -5.7 percent to a decline of -5.5 percent. January 2010 data, excluding distressed sales, was revised from a decline of -1.6 percent to a decline of -1.4 percent. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.
Full-month February 2011 national, state-level and top CBSA-level data can be found at http://www.corelogic.com/About-Us/ResearchTrends/Home-Price-Index.aspx
The CoreLogic HPI incorporates more than 30 years worth of repeat sales transactions, representing more than 55 million observations sourced from CoreLogic 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 6,433 ZIP codes (58 percent of total U.S. population), 593 Core Based Statistical Areas (86 percent of total U.S. population) and 1,097 counties (83 percent of total U.S. population) located in all 50 states and the District of Columbia.
CoreLogic is a leading provider of consumer, financial and property information, analytics and services to business and government. The company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. Formerly, the information solutions group of The First American Corporation, CoreLogic began trading under the ticker CLGX on the NYSE on June 2, 2010. The company, headquartered in Santa Ana, Calif., has more than 10,000 employees globally with 2010 revenues of $1.6 billion. For more information visit www.corelogic.com.
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