CoreLogic Home Price Index Shows Decline for Second Straight Month

Home prices in the United States have declined for two months in a row, according to CoreLogic’s market index, after rising for the first seven months of the year.

The latest CoreLogic Home Price Index (HPI) shows that national home prices, including distressed sales, declined 2.79 percent in September 2010 when compared to September 2009. That follows a drop of 1.08 percent in August 2010 from a year earlier.

“We’re continuing to see price declines across the board with all but seven states seeing a decrease in home prices,” said Mark Fleming, chief economist for CoreLogic. “This continued and widespread decline will put further pressure on negative equity and stall the housing recovery.”

States with the greatest annual depreciation in CoreLogic’s study include: Idaho (-14.04 percent), Alabama (-8.9 percent), Mississippi (-8.3 percent), Florida (-7.68 percent), and New Mexico (-7.47 percent).

New York saw the highest home value appreciation during the month of September compared to a year ago, with a gain of 2.67 percent, followed by North Dakota (+1.73 percent). California, Nebraska, Virginia, Alaska, and Maine also were in positive territory – all with increases below the 1 percent mark.

CoreLogic says the peak-to-current change in its national HPI (from April 2006 to September 2010) is -29.13 percent. That assessment includes distressed property values.

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