April 5th, 2012
Econintersect: CoreLogic's Home Price Index (HPI) shows that home prices in the U.S. declined in February 2012 0.8% month-over-month following last month's 1.0% decline. This is the sixth month in a row of home value decline.
Prices declined 2.0% year-over-year. CoreLogic stated:
“House prices, based on data through February, continue to decline, but at a decreasing rate. The deceleration in the pace of decline is a first step toward ultimately growing again,” said Mark Fleming, chief economist for CoreLogic. “Excluding distressed sales, we already see modest price appreciation month over month in January and February.”
“The continued strength of sales activity and tightening inventories in many markets are early and hopeful signs that prices will continue to stabilize and improve in the coming months. In fact, non-distressed home sale prices, which represent two-thirds of all sales, have appreciated by just over 1.0 percent since the beginning of the year,” said Anand Nallathambi, president and CEO of CoreLogic.
According to CoreLogic's data, if distressed home sales are excluded - prices increased by 0.7% month-over-month.
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