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CoreLogic predicts flat home prices through 2013

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House prices dipped 1.3% on a month-over-month basis, according to the CoreLogic (CLGX) October home price index, the third consecutive monthly decline. Prices declined 3.9% compared to year-ago figures that include distressed sales. Excluding distressed sales, year-over-year prices declined 0.5% in October. Distressed sales include short sales and real estate owned transactions. House prices dipped 1.3% on a month-over-month basis, according to the CoreLogic (CLGX) October home price index, the third consecutive monthly decline. Prices declined 3.9% compared to year-ago figures that include distressed sales. Excluding distressed sales, year-over-year prices declined 0.5% in October. Distressed sales include short sales and real estate owned transactions. "Home prices continue to decline in response to the weak demand for housing," said Mark Fleming, chief economist for CoreLogic. "Looking forward, our forecasts indicate flat growth through 2013" Including distressed sales, the five areas with the highest appreciation in October were West Virginia (+4.8%), South Dakota (+3.1%), New York (+3%), Washington, D.C. (+2.4%) and Alaska (+2.1%). The five states with the greatest depreciation, when distressed sales were included, were Nevada (-12.1%), Illinois (-9.4%), Arizona (-8.1%), Minnesota (-7.9%) and Georgia (-7.3%). Excluding distressed sales, South Carolina saw the greatest appreciation, with a price increase of 4.6% and Nevada saw the biggest decline, with prices there down 8.8%. The peak-to-current change in the national HPI (from April 2006 to October 2011) was a decline of 32% when distressed sales were included and a drop of 22.4% when they were not. Like CoreLogic, Lender Processing Services (LPS) reported similar declines in its September home price index and its prediction for October prices. LPS said September prices were down 1.2% and the company expects the October index to show a 1.1% decline The charts below shows a national view of housing prices, with the first chart including distressed sales and the second chart excluding them. Click on chart to expand. Write to Kerry Curry. Follow her on Twitter @communicatorKLC.

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