Home Price Index Shows Year-Over-Year Decline for Sixth Straight Month

Dennis Norman St Louis

A report released this morning by CoreLogic shows home prices in the U.S. declined in January by 5.7 percent from the year before, marking the sixth-consecutive month year-over-year home prices have dropped, according to their index.

The January data shows home prices continuing to slide. Mark Fleming, chief economist with CoreLogic, said, “A number of factors continue to dampen any recovery in the housing market. Negative equity, which limits the mobility of homeowners, weak demand and the overhang of shadow inventory all continue to exert downward pressure on housing prices. We are looking out for renewed demand in the coming months as the spring buying season gets underway to hopefully reduce the downward pressure.”

Highlights as of January 2011

  • Including distressed sales, the five states with the highest appreciation were: West Virginia (+5.5 percent), North Dakota (+3.3 percent), New York (+1.9 percent), Hawaii (+0.7 percent) and Wyoming (+0.2 percent).
  • Including distressed sales, the five states with the greatest depreciation were: Idaho (-15.7 percent), Alabama (-12.1 percent), Arizona (-11 percent), Oregon (-9.9 percent) and Utah (-9.8 percent).
  • Excluding distressed sales, the five states with the highest appreciation were: Hawaii (+7.0 percent), West Virginia (+5.4 percent), North Dakota (+3.2 percent), Louisiana (+3.2 percent), and District of Columbia (+2.7 percent).
  • Excluding distressed sales, the five states with the greatest depreciation were: Idaho (-11.1 percent), Montana (-6.8 percent), Oregon (-5.9 percent), Arizona (-5.8 percent) and Alabama (-5.7 percent).
  • Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to January 2011) was -32.8 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -22.2 percent.

January HPI State and National Ranking:

State January 2011 12 Month HPI
Change by State
Single Family Combined Single Family Combined Excluding Distressed
National -5.7% -1.6%
Idaho -15.7% -11.1%
Alabama -12.1% -5.7%
Arizona -11.0% -5.8%
Oregon -9.9% -5.9%
Utah -9.8% -4.7%
Montana -8.9% -6.8%
New Mexico -8.6% -4.7%
Florida -8.5% -3.0%
Missouri -7.4% -2.8%
Nevada -7.2% -2.3%
Michigan -7.0% -4.0%
Washington -6.7% -4.2%
Illinois -6.5% -2.8%
New Hampshire -6.4% -4.4%
Georgia -6.3% -2.9%
Minnesota -6.1% -4.6%
Connecticut -5.6% -1.9%
Maryland -5.2% -1.3%
Wisconsin -5.1% -2.2%
Ohio -5.0% -1.5%
Kansas -4.9% -1.1%
Delaware -4.9% -2.5%
Kentucky -4.7% -2.3%
Vermont -4.6% -1.3%
Virginia -4.6% -0.3%
Rhode Island -4.5% -1.7%
South Dakota -4.5% -3.7%
Colorado -4.4% -1.7%
Tennessee -4.3% -0.8%
California -4.3% -0.6%
Massachusetts -4.0% -1.7%
Mississippi -3.9% 0.3%
North Carolina -3.8% -1.2%
Arkansas -3.6% -0.9%
Iowa -3.6% -1.6%
District of Columbia -3.5% 2.7%
Maine -3.3% -1.9%
Oklahoma -3.1% 0.1%
Pennsylvania -3.1% -1.6%
Indiana -2.1% 1.2%
South Carolina -2.1% 0.9%
New Jersey -1.8% -1.3%
Nebraska -1.7% 0.9%
Alaska -1.7% 0.8%
Texas -0.9% 0.7%
Louisiana -0.2% 3.2%
Wyoming 0.2% -1.1%
Hawaii 0.7% 7.0%
New York 1.9% 2.6%
North Dakota 3.3% 3.2%
West Virginia 5.5% 5.4%

Source: CoreLogic.

Annual HPI National Change Percentages:

Year Single Family Single Family Excluding Distressed
2001 9.5% 9.2%
2002 9.1% 8.9%
2003 9.9% 9.7%
2004 15.0% 14.4%
2005 17.0% 15.5%
2006 6.8% 6.6%
2007 -4.7% -2.3%
2008 -13.7% -9.3%
2009 -12.7% -9.1%
2010 0.0% -1.3%

Source: CoreLogic.

2011 Month HPI Change as of January | Single Family Combined series | Source: CoreLogic

2011 Month HPI Change as of January | Single Family Combined series | Source: CoreLogic

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