CoreLogic, a private analytics service – says existing home prices fell 6.7% in February 2011.
According to the CoreLogic HPI, national home prices, including distressed sales, declined by 6.7 percent in February 2011 compared to February 2010 after declining by 5.5 percent in January 2011 compared to January 2010. Excluding distressed sales, year-over-year prices declined by 0.1 percent in February 2011 compared to February 2010 and by 1.4 percent in January 2011 compared to January 2010. Distressed sales include short sales and real estate owned (REO) transactions.
It is interesting that even though the rate of decline is increasing MoM, CoreLogic believes there is more stability coming into the market.
Despite the continued overall decline, home prices excluding distressed properties are showing signs of stability according to Mark Fleming, chief economist with CoreLogic. “When you remove distressed properties from the equation, we’re seeing a significantly reduced pace of depreciation and greater stability in many markets. Price declines are increasingly isolated to the distressed segment of the market, mostly in the form of REO sales, as the stock of foreclosures is slowly cleared.” he said.
A graphical comparison of the home price indexes released to date:
Both CoreLogic and NAR data suggest a double dip is underway exceeding the decline of 2009. Case-Shiller data has yet to break the recent past lows (analysis here).
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