CoreLogic Home Price Index Falls 1.3% in October 2011, Forecasts Flat Growth Thru 2012

December 7th, 2011
in econ_news

Econintersect: CoreLogic's Home Price Index (HPI) shows that home prices in the U.S. decreased in October 2011 1.3% month-over-month following last months 1.1% decline.  This is the third month in a row of home value decline.

Prices declined 3.9% year-over-year. Mark Fleming, chief economist for CoreLogic stated:

“Home prices continue to decline in response to the weak demand for housing. While many housing statistics are basically moving sideways, prices continue to correct for a supply and demand imbalance. Looking forward, our forecasts indicate flat growth through 2013.”

Follow up:

According to CoreLogic's data, if distressed home sales are excluded - prices are down only 0.5% year-over-year.

Source: CoreLogic

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