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Home prices decline in January; sixth consecutive month of decline

dennis-norman-home-prices-realtor

A report released this morning by CoreLogic, one of the nations leading providers of property information shows that home prices in the U.S. fell in January 3.1 percent from the year before and declined by 1.0 percent from the month before marking the sixth consecutive monthly decline in home prices.

Excluding distressed sales, year-over-year prices declined by 0.9 percent in January 2012 compared to January 2011 and month-over-month home prices increased 0.7 percent in January. Distressed sales include short sales and real estate owned (REO) transactions.

“Although home price declines are slowly improving and not far from the bottom, home prices are down to nearly the same levels as 10 years ago,” said Mark Fleming, chief economist for CoreLogic.

Highlights as of January 2012

  • Including distressed sales, the five states with the highest appreciation were: South Dakota (+5.7 percent), North Dakota (+4.0 percent), West Virginia (+4.0 percent), Montana (+3.6 percent) and Michigan (+3.0 percent).
  • Including distressed sales, the five states with the greatest depreciation were: Illinois (-8.7 percent), Nevada (-8.0 percent), Delaware (-7.9 percent), Alabama (-7.7 percent) and Georgia (-7.5 percent).
  • Excluding distressed sales, the five states with the highest appreciation were: South Dakota (+6.4 percent), Montana (+5.9 percent), North Dakota (+3.8 percent), Alaska (+3.7 percent) and Indiana (+2.7 percent).
  • Excluding distressed sales, the five states with the greatest depreciation were: Nevada (-6.7 percent), Delaware (-5.5 percent), Minnesota (-4.1 percent), New Jersey (-3.5 percent) and Georgia (-3.3 percent).
  • Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to January 2012) was -34.0 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -24.2 percent.
  • The five states with the largest peak-to-current declines including distressed transactions are Nevada (-60.1 percent), Arizona (-50.8 percent), Florida (-49.0 percent), California (-43.6 percent) and Michigan (-43.2 percent).
  • Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 71 are showing year-over-year declines in January, eight fewer than in December.

*December data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.

January HPI for the Country’s Largest CBSAs by Population:

CBSA January 2012 12-Month HPI
Change by CBSA
Single Family Single Family Excluding Distressed
Chicago-Joliet-Naperville, IL -8.5% -2.4%
Atlanta-Sandy Springs-Marietta, GA -7.4% -2.6%
Los Angeles-Long Beach-Glendale, CA -5.0% 0.3%
Riverside-San Bernardino-Ontario, CA -4.0% -2.0%
Philadelphia, PA -1.9% 0.2%
Houston-Sugar Land-Baytown, TX -0.8% 3.6%
New York-White Plains-Wayne, NY-NJ 0.5% 1.1%
Washington-Arlington-Alexandria, DC-VA-MD-WV 0.7% 2.1%
Dallas-Plano-Irving, TX 1.0% 2.1%
Phoenix-Mesa-Glendale, AZ 2.5% 0.3%

Source: CoreLogic.

January State and National Ranking Based on HPI Including Distressed:

State January 2012 12-Month HPI
Change by State
Single Family Combined Single Family Combined Excluding Distressed
National -3.1% -0.9%
Illinois -8.7% -2.6%
Nevada -8.0% -6.7%
Delaware -7.9% -5.5%
Alabama -7.7% -2.3%
Georgia -7.5% -3.3%
Wyoming -6.0% 1.0%
Ohio -5.6% -1.1%
Rhode Island -5.6% -0.8%
Minnesota -5.1% -4.1%
Connecticut -4.8% -2.8%
California -4.8% -0.9%
Washington -4.8% -1.1%
Vermont -3.8% -0.9%
Louisiana -3.6% 1.6%
New Jersey -3.3% -3.5%
Wisconsin -3.0% -1.4%
Missouri -2.8% -2.6%
New Mexico -2.6% -1.5%
Maryland -2.5% -2.0%
Maine -2.3% 2.2%
Pennsylvania -2.2% -1.2%
Oregon -2.1% -0.9%
Massachusetts -2.0% 1.4%
Tennessee -1.5% -0.6%
Kentucky -1.4% -0.8%
Iowa -1.3% -1.0%
Kansas -1.2% 0.9%
Oklahoma -1.0% 0.1%
Idaho -0.5% -1.7%
Texas -0.4% 1.9%
New Hampshire -0.2% 1.7%
Utah -0.1% 1.7%
Indiana -0.1% 2.7%
Colorado 0.1% 1.8%
Hawaii 0.1% 0.6%
Arkansas 0.2% -0.9%
North Carolina 0.3% 0.9%
Virginia 0.4% 1.4%
Arizona 0.6% -1.4%
Mississippi 1.2% -0.7%
New York 1.4% 1.5%
District of Columbia 1.6% 0.6%
Nebraska 1.7% 1.4%
Florida 1.8% 1.2%
Alaska 2.2% 3.7%
South Carolina 2.8% 1.6%
Michigan 3.0% 0.2%
Montana 3.6% 5.9%
North Dakota 4.0% 3.8%
West Virginia 4.0% 2.7%
South Dakota 5.7% 6.4%

Source: CoreLogic.

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