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CoreLogic Home Price Index Falls to New Lows

According to CoreLogic:

Home prices in the U.S. declined for the sixth month in a row. According to the CoreLogic HPI, national home prices, including distressed sales, declined by 5.7 percent in January 2011 compared to January 2010 after declining by 4.7 percent* in December 2010 compared to December 2009. Excluding distressed sales, year-over-year prices declined by 1.6 percent in January 2011 compared to January 2010 and by 3.2* percent in December 2010 compared to December 2009. Distressed sales include short sales and real estate owned (REO) transactions.

This is resulting in new post recession lows for this index.  The above graph shows the synchronous decline in all of the indexes which track home prices – all are 3 month rolling averages.  Further comment from  Mark Fleming, chief economist with CoreLogic:

 
“A number of factors continue to dampen any recovery in the housing market. Negative equity, which limits the mobility of homeowners, weak demand and the overhang of shadow inventory all continue to exert downward pressure on housing prices. We are looking out for renewed demand in the coming months as the spring buying season gets underway to hopefully reduce the downward pressure.”

Real time data is showing the usual spring price surge is underway.  Spring is the best time of the year for the housing market.

Related Articles

Housing market Begins Its Spring Uptick  GEI News Brief

Pending Home Sales:  Down but Meaning in Doubt  by Steven Hansen

NAR Says Home Sales Up – Do We Believe It? by Steven Hansen

Case Shiller Says Home Prices Decline Again: Will this Decline End Soon? by Steven Hansen

Mortgage Applications Down – This May Be An Irrelevant Statistic by Steven Hansen

The Great Debate©: Will Housing be a Drag on the Economy in 2011? – Part 1 by John Lounsbury

The Great Debate©: Will Housing be a Drag on the Economy in 2011? – Part 2 by John Lounsbury

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