CoreLogic Home Price Index Shows Year-Over-Year Decline for Sixth Straight Month
Email Dan Smith
March 10, 2011, Santa Ana, Calif. –
Home Prices Down 5.7 Percent as Negative Equity, High Unemployment and Shadow Inventory Continue to Impact Recovery
CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its January Home Price Index (HPI) which shows that home prices in the U.S. declined for the sixth month in a row. According to the CoreLogic HPI, national home prices, including distressed sales, declined by 5.7 percent in January 2011 compared to January 2010 after declining by 4.7 percent* in December 2010 compared to December 2009. Excluding distressed sales, year-over-year prices declined by 1.6 percent in January 2011 compared to January 2010 and by 3.2* percent in December 2010 compared to December 2009. Distressed sales include short sales and real estate owned (REO) transactions.
The January data shows home prices continuing to slide. Mark Fleming, chief economist with CoreLogic, said, “A number of factors continue to dampen any recovery in the housing market. Negative equity, which limits the mobility of homeowners, weak demand and the overhang of shadow inventory all continue to exert downward pressure on housing prices. We are looking out for renewed demand in the coming months as the spring buying season gets underway to hopefully reduce the downward pressure.”
Highlights as of January 2011
- Including distressed sales, the five states with the highest appreciation were: West Virginia (+5.5 percent), North Dakota (+3.3 percent), New York (+1.9 percent), Hawaii (+0.7 percent) and Wyoming (+0.2 percent).
- Including distressed sales, the five states with the greatest depreciation were: Idaho (-15.7 percent), Alabama (-12.1 percent), Arizona (-11 percent), Oregon (-9.9 percent) and Utah (-9.8 percent).
- Excluding distressed sales, the five states with the highest appreciation were: Hawaii (+7.0 percent), West Virginia (+5.4 percent), North Dakota (+3.2 percent), Louisiana (+3.2 percent), and District of Columbia (+2.7 percent).
- Excluding distressed sales, the five states with the greatest depreciation were: Idaho (-11.1 percent), Montana (-6.8 percent), Oregon (-5.9 percent), Arizona (-5.8 percent) and Alabama (-5.7 percent).
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to January 2011) was -32.8 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -22.2 percent.
*December 2010 data, including distressed sales, was revised from a decline of -5.46 percent to a decline of -4.7 percent. December 2010 data, excluding distressed sales, was revised from a decline of -2.31 percent to a decline of -3.2 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 January 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 6,208 ZIP codes (58 percent of total U.S. population), 572 Core Based Statistical Areas (85 percent of total U.S. population) and 1,027 counties (82 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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