Home prices decline 4.3% in November: CoreLogic
Home prices nationwide fell 4.3% year-over-year in the month of November, according to analytics firm CoreLogic (CLGX) in its November Home Price Index. Santa Ana, Calif.-based CoreLogic said home prices declined 1.4% from October to November, making it the fourth consecutive monthly decline. When excluding distressed home sales, prices year-over-year fell only 0.6%, compared to 1.6% in October. Distressed sales include all short sales and REO deals. "With one month of data left to report, it appears that the healthy, non-distressed market will be very modestly down in 2011," said Mark Fleming, CoreLogic's chief economist. "Distressed sales continue to put downward pressure on prices, and is a factor that must be addressed in 2012 for a housing recovery to become a reality." Capital Economics expects prices to stop falling this year, although the recent acceleration in the rate of declines "will provide more support to those Fed officials who recently have championed more action to revive the housing market." "The current balance between demand and supply, as measured by how long it would take to clear all the homes on the market at recent rates of sale, is consistent with prices stabilizing in six months' time," according to the Toronto-based firm. States with the highest home price appreciation when including distressed sales include Vermont, which saw a 4.3% hike in values, followed by South Carolina (2.8%); District of Columbia (2.1%); Nebraska (up 1.9%); and New York (1.7%). Those with the highest depreciation rates included Nevada (down 11.2%); Illinois (down 9.7%); Minnesota (down 7.8%); Georgia (down 7.7%) and Ohio (down 7.2%). When excluding distressed sales, the five states with the highest home price appreciation rates include Maine, South Carolina, Montana, Indiana and Louisiana. And those with the highest depreciation rates were Nevada, Arizona, Minnesota, Idaho and Georgia. When comparing the most recent home price index to the peak level reached in April 2006, CoreLogic said the index has fallen 32.8%. Write to Kerri Panchuk.