CoreLogic released its home price index which remained flat in July on a year over year basis. It is important to keep in mind that this index uses a 3 month average (May, June, July) in computing prices so it is slow in catching major changes. We got data yesterday from DataQuick which was for August and it showed a strong deterioration in prices from July. So expect the Corelogic index to follow suit in the next few months. From the press release:
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Corelogic, a leading provider of information, analytics and business services, today released its Home Price Index (HPI) that showed that home prices in the U.S. remained flat in July as transaction volumes continue to decline. This was the first time in five months that no year-over-year gains were reported. According to the CoreLogic HPI, national home prices, including distressed sales showed no change in July 2010 compared to July 2009. June 2010 HPI showed a 2.4 percent* year-over-year gain compared to June 2009.Highlights as of July 2010
