October 6th, 2011
Econintersect: CoreLogic's Home Price Index (HPI) shows that home prices in the U.S. decreased in August 2011 0.4% following four consecutive months of increase. Prices declined 4.4% year-over-year. Mark Fleming, chief economist for CoreLogic stated:
“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.”
According to CoreLogic's data, if distressed home sales are excluded - prices in August are down only 0.7% year-over-year.