CoreLogic® August Home Price Index Shows Month-Over-Month and Year-Over-Year Decline
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October 06, 2011, Santa Ana, Calif. –
––Prices Are 4.4 Percent Lower Than a Year Ago––
CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its August Home Price Index (HPI) which shows that home prices in the U.S. decreased 0.4 percent on a month-over-month basis, the first monthly decline in four months. According to the CoreLogic HPI, national home prices, including distressed sales, also declined on a year-over-year basis by 4.4 percent in August 2011 compared to August 2010. This follows a decline of 4.8 percent* in July 2011 compared to July 2010. Excluding distressed sales, year-over-year prices declined by 0.7 percent in August 2011 compared to August 2010 and by 1.7* percent in July 2011 compared to July 2010. Distressed sales include short sales and real estate owned (REO) transactions.
“Although the calendar says August, the end of the summer traditionally marks the beginning of ‘fall’ for the housing market as it begins to prepare for ‘winter.’ So the slight month-over-month decline was predictable, particularly given the renewed concerns over a double-dip recession, high negative equity, and the persistent levels of shadow inventory. The continued bright spot is the non-distressed segment of the market, which is only marginally lower than a year ago and continues to exhibit relative strength,” said Mark Fleming, chief economist for CoreLogic.
Highlights as of August 2011
- Including distressed sales, the five states with the highest appreciation were: West Virginia (+8.6 percent), Wyoming (+3.6 percent), North Dakota (+3.5 percent), New York (+3.2 percent), and Alaska (+2.2 percent).
- Including distressed sales, the five states with the greatest depreciation were: Nevada (-12.4 percent), Arizona (-10.7 percent), Illinois (-9.6 percent), Minnesota (-7.8 percent), and Georgia (-7.2 percent).
- Excluding distressed sales, the five states with the highest appreciation were: West Virginia (+10.7 percent), Mississippi (+4.8 percent), Hawaii (+4.4 percent), North Dakota (+4.2 percent), and Kansas (+3.7 percent).
- Excluding distressed sales, the five states with the greatest depreciation were: Nevada (-8.8 percent), Arizona (-8.3 percent), Delaware (-4.9 percent), Michigan (-4.3 percent), and Minnesota (-4.2 percent).
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to August 2011) was -30.5 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -21.0 percent.
- Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 80 are showing year-over-year declines in August, eight fewer than in July.
Full-month August 2011 national, state-level and top CBSA-level data can be found at http://www.corelogic.com/About-Us/ResearchTrends/Home-Price-Index.aspx
*July data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.
The CoreLogic HPI incorporates more than 30 years’ worth of repeat sales transactions, representing more than 65 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 6,587 ZIP codes (59 percent of total U.S. population), 608 Core Based Statistical Areas (86 percent of total U.S. population) and 1,142 counties (84 percent of total U.S. population) located in all 50 states and the District of Columbia.
CoreLogic [NYSE: CLGX] 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. The company, headquartered in Santa Ana, Calif., has more than 6,500 employees globally with 2010 revenues of $1.6 billion. For more information visit www.corelogic.com.
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