CoreLogic Home Price Index Falls 1.1% in September 2011

November 8th, 2011
in econ_news

Econintersect: CoreLogic's Home Price Index (HPI) shows that home prices in the U.S. decreased in September 2011 1.1% month-over-month following last months 0.4% decline. Prices declined 4.1% year-over-year. Mark Fleming, chief economist for CoreLogic stated:

“Even with low interest rates, demand for houses remains muted. Home sales are down in September and the inventory of homes for sale remains elevated. Home prices are adjusting to correct for the supply-demand imbalance and we expect declines to continue through the winter. Distressed sales remain a significant share of homes that do sell and are driving home prices overall.”

Follow up:

According to CoreLogic's data, if distressed home sales are excluded - prices in August are down only 1.1% year-over-year.  [click on image below to enlarge]

 

source: CoreLogic

 










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