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CoreLogic: Merced home prices fell 4.3% in October

CoreLogic (NYSE: CLGX), a Santa Ana-based provider of information, analytics and business services, today released its October Home Price Index which shows that home prices in the U.S. decreased 1.3 percent on a month-over-month basis, the third consecutive monthly decline.

In Merced, home prices, including distressed sales, declined by 4.3 percent in October 2011 compared to October 2010 and declined by 5.5 percent* in September 2011 compared to September 2010. Excluding distressed sales, year-over-year prices increased by 4.7 percent in October 2011 compared to October 2010 and increased by 1.6 percent* in September 2011 compared to September 2010.

According to the CoreLogic HPI, national home prices, including distressed sales, also declined by 3.9 percent on a year-over-year basis in October 2011 compared to October 2010. This follows a decline of 3.8 percent* in September 2011 compared to September 2010. Excluding distressed sales, year-over-year prices declined by 0.5 percent in October 2011 compared to October 2010 and by 2.1* percent in September 2011 compared to September 2010. Distressed sales include short sales and real estate owned (REO) transactions.

"Home prices continue to decline in response to the weak demand for housing. While many housing statistics are basically moving sideways, prices continue to correct for a supply and demand imbalance. Looking forward, our forecasts indicate flat growth through 2013," Mark Fleming, chief economist for CoreLogic, said in a news release.

Highlights as of October 2011

Including distressed sales, the five states with the highest appreciation were: West Virginia (+4.8 percent), South Dakota (+3.1 percent), New York (+3.0 percent), District of Columbia (+2.4 percent) and Alaska (+2.1 percent).Including distressed sales, the five states with the greatest depreciation were: Nevada (-12.1 percent), Illinois (-9.4 percent), Arizona (-8.1 percent), Minnesota (-7.9 percent) and Georgia (-7.3 percent).Excluding distressed sales, the five states with the highest appreciation were: South Carolina (+4.6 percent), Maine (+3.1 percent), New York (+3.1 percent), Alaska (+2.9 percent) and Kansas (+2.8 percent).Excluding distressed sales, the five states with the greatest depreciation were: Nevada (-8.8 percent), Arizona (-7.0 percent), Minnesota (-5.7 percent), Delaware (-3.9 percent) and Georgia (-3.6 percent).Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to October 2011) was-32.0 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -22.4 percent.Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 78 are showing year-over-year declines in October, two fewer than in September.

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