Econintersect: CoreLogic’s Home Price Index (HPI) shows that home prices in the U.S. decreased in October 2011 1.3% month-over-month following last months 1.1% decline. This is the third month in a row of home value decline.
Prices declined 3.9% year-over-year. Mark Fleming, chief economist for CoreLogic stated:
“Home prices continue to decline in response to the weak demand for housing. While many housing statistics are basically moving sideways, prices continue to correct for a supply and demand imbalance. Looking forward, our forecasts indicate flat growth through 2013.”
According to CoreLogic’s data, if distressed home sales are excluded – prices are down only 0.5% year-over-year.