Econintersect: Lender Processing Services (LPS), the subject of the Nevada Attorney General lawsuit for robosigning, said national average home price for transactions during October 2011 was $200,000 – a decline of 0.8% month-over-month and 2.7% year-to-date. This is the fifth consecutive month of decreases in prices. LPS, based on partial data, believes November 2011 data will show a more moderate 0.5% decline in home prices.
LPS HPI average national home prices continue the downward trend begun after the market peak in June 2006, when the total value of U.S. housing inventory covered by the LPS HPI stood at $10.6 trillion. Since that peak, the value has declined 30.1 percent to $7.5 trillion. During the period of most rapid price declines, from June 2007 through December 2008, the LPS HPI national average home price dropped $56,000 from $282,000, which corresponds to an average annual decline of 13.8 percent. Since December 2008, prices have fallen more slowly, interrupted by brief seasonal intervals of rising prices. During this period of more slowly declining prices, the national average price has fallen approximately $26,000 from $226,000.
LPS noted that:
……the five MSAs with the greatest declines in October were all in Georgia. Columbus, Macon, Gainesville and Augusta (in addition to Atlanta) declined more than 2.5%. The remaining worst-performing MSAs were primarily in California, Nevada and Connecticut. October marks Connecticut’s first appearance among the worst-performing MSAs in 2011; Norwich-New London and Bridgeport declined by 1.6 and 1.4 percent respectively.