CoreLogic Says Home Prices Down for Last 8 Months

CoreLogic, a real estate analytical service provider, released their March 2011 home price index (HPI) which shows USA home prices declined for the eighth month in a row.

According to the CoreLogic HPI, national home prices, including distressed sales, declined by 7.5 percent in March 2011 compared to March 2010 after declining by 5.8 percent in February 2011 compared to February 2010. Excluding distressed sales, year-over-year prices declined by 0.96 percent in March 2011 compared to March 2010 and by 2.0 percent in February 2011 compared to February 2010. Distressed sales include short sales and real estate owned (REO) transactions.

Over-viewing their index, Mark Fleming, chief economist with CoreLogic stated:

Last year the First Time Homebuuyer Tax Credit pulled a significant number of sales forward and, to an extent, artificially supported prices. So, absent the tax credit, it is understandable that we see prices continuue to decline when compared with last year.  As we move further away from tthat support, we will see a leveling of prices and eventually organic improvements in the market.

All indices are showing the same downward curve.  The normal spring upsurge is underway – and indications this will stop the downward momentum, just as it did 12 months ago.  The question is what will happen later this year when the spring surge ends.

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