August Home Prices Declined 1.5 Percent Year Over Year--CoreLogic

This data along with the info from Clear Capital further confirms the double dip in housing despite Fed money printing. Will another $1 trillion do anything? Of course not. Regarding Corelogic's Index, it uses a three month weighted average which means it reflects data from June, July, and August. Because it is released before Case-Shiller I like to follow it to get a heads up on what to expect. Based on this we can probably expect a decline in Case-Shiller of around 1%. From Corelogic:
...Home Price Index (HPI) which shows that home prices in the U.S. declined for the first time this year. According to the CoreLogic HPI, national home prices, including distressed sales, declined 1.5 percent in August 2010 compared to August 2009 and increased by 0.6 percent* in July 2010 compared to July 2009. Excluding distressed sales, year-over-year prices declined 0.4 percent in August 2010.

Highlights as of August 2010

• The top five states with the highest appreciation, including distressed sales, were: Maine (+5.8 percent), New York (+3.7 percent), Connecticut (+2.5 percent), Virginia (+2.4 percent), and South Dakota (+2.1 percent).

• The top five states with the greatest depreciation, including distressed sales, were Idaho (-14.0 percent), Alabama (-10.4 percent), Utah (-7.3 percent), Oregon (-6.3 percent) and Florida (-6.2 percent).

“Price declines are geographically expanding as 78 out of the largest 100 metropolitan areas are experiencing declines, up from 58 just one month ago” said Mark Fleming, chief economist for CoreLogic.

Black Swan Insights

Related Articles:
The Double Dip Arrives For Housing--Clear Capital


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