CoreLogic: Distressed Sales Still Depress Home Prices in November 2011

January 10th, 2012
in econ_news

Econintersect: CoreLogic's Home Price Index (HPI) shows that home prices in the U.S. decreased in November 2011 1.4% month-over-month following last months 1.3% decline. This is the fourth month in a row of home value decline.

Prices declined 4.3% year-over-year. Mark Fleming, chief economist for CoreLogic stated:

“With one month of data left to report, it appears that the healthy, non-distressed market will be very modestly down in 2011. 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.”

Follow up:

According to CoreLogic's data, if distressed home sales are excluded - prices are down only 0.6% year-over-year.

[click to enlarge]

Source: CoreLogic

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