Reports Continue to Show Home Price Declines
CoreLogic and Lender Processing Servicesrn(LPS) have each released their most recent Home Price Indices. CoreLogic’s HPI covers December; LPS’s coversrnthe month of November. Here is a quickrnreview of each.</p
LPS found that the average home pricernfor transactions during November was $199.000, down 0.6 percent from thernOctober average. This is the fifth consecutivernmonth that this index has declined. rnPreliminary information on December sales indicates that the HPI mightrnhave lost another 0.8 percent during that month.</p
When the market peaked in June 2006 therntotal value of the U.S. housing inventory covered by LPS was $10.8rntrillion. The value has declined 30.6rnpercent to $7.5 trillion since that time.</p
Price changes were consistent across therncountry, increasing in 13 percent of the ZIP Codes in the database. Higher priced homes had somewhat small pricerndeclines than those in the middle and low price categories with the range fromrnhigh to low covering only 13 basis points.</p
CoreLogic issues two sets of indices,rnone including sales of distressed properties, the other excluding thosernsales. The HPI for all sales decreasedrn1.4 percent in December and was down 4.7 percent on an annual basis, the fifthrnyear in a row that this HPI has declined. rnThe Index covering market sales was 0.9 percent higher than in Decemberrn2010 which, Core Logic says, gives an indication of the impact distressed salesrnare having on the market. The HPI excluding distressed sales posted its first month -over-monthrngain since last July, rising 0.2 percent. rn</p
Ofrnthe top 100 Core Based Statistical Areas as measured by population, 81 showedrnyear-over-year declines in November compared to 80 that were down on a monthlyrnbasis in November compared to October.
All Content Copyright © 2003 – 2009 Brown House Media, Inc. All Rights Reserved.nReproduction in any form without permission of MortgageNewsDaily.com is prohibited.
Leave a Comment
By John Gittelsohn August 24, 2020, 4:00 AM PDT Some of the largest real estate investors are walking away from Read More...Late-Stage Delinquencies are Surging
Aug 21 2020, 11:59AM Like the report from Black Knight earlier today, the second quarter National Delinquency Survey from the Read More...Published by the Federal Reserve Bank of San Francisco
It was recently published by the Federal Reserve Bank of San Francisco, which is about as official as you can Read More...