CoreLogic released its November Home Price Index (HPI) Monday, which shows prices nationally fell 1.4 percent month-over-month and 4.3 percent year-over-year.
November marks the fourth consecutive month CoreLogic’s index has returned negative results, with much of the depreciation coming from distressed sales such as REO and short sale transactions.
When you exclude these distressed deals from the dataset, the year-over-year decline is just 0.6 percent as of November 2011. In fact, CoreLogic says the non-distressed market is expected to end 2011 only slightly below price levels from a year earlier.
“With one month of data left to report, it appears that the healthy, non-distressed market will be very modestly down in 2011,” said Mark Fleming, chief economist for CoreLogic. “Distressed sales continue to put downward pressure on prices, and is a factor that must be addressed in 2012 for a housing recovery to become a reality.”
Including distressed sales, the five states with the highest appreciation in November were: Vermont (+4.3 percent), South Carolina (+2.8 percent), District of Columbia (+2.1 percent), Nebraska (+1.9 percent), and New York (+1.7 percent).
The five states with the greatest depreciation were: Nevada (-11.2 percent), Illinois (-9.7 percent), Minnesota (-7.8 percent), Georgia (-7.7 percent), and Ohio (-7.2 percent).
The peak-to-current change for CoreLogic’s national HPI (from April 2006 to November 2011) now sits at -32.8 percent.
This article is by DSNews.com.
