Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Economic News

Home prices drop mostly due to distressed sales

Home prices sliding

For the fourth consecutive month, U.S. home prices fell, according to CoreLogic, as distressed sales continue to plague the housing market. CoreLogic’s home price index fell 1.4 percent in November from October and slid 4.3 percent from November 2010, representing a larger annual slide than the month prior.

It is notable that when distressed sales are excluded from the data, prices only fell 0.6 percent year over year, given that distressed homes typically sell at a reduced price. “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,” Dr. Mark Fleming, CoreLogic’s Chief Economist said in a statement.

The five states with the highest appreciation in November are Vermont (+4.3 percent), South Carolina (+2.8 percent), District of Columbia (+2.1 percent), Nebraska (+1.9 percent) and New York (+1.7 percent). When distressed sales were excluded, the five states with the highest appreciation were: Maine (+4.9 percent), South Carolina (+4.9 percent), Montana (+3.8 percent), Indiana (+3.3 percent) and Louisiana (+2.4 percent).

The lowest appreciation rates were seen in Nevada (-11.2 percent), Illinois (-9.7 percent), Minnesota (-7.8 percent), Georgia (-7.7 percent) and Ohio (-7.2 percent). Excluding distressed sales, the five states with the greatest depreciation were Nevada (-8.8 percent), Arizona (-4.9 percent), Minnesota (-4.7 percent), Idaho (-4.1 percent) and Georgia (-3.6 percent).

Advertisement. Scroll to continue reading.

Fully 77 percent of all areas studied by CoreLogic experienced annual declines for the month, three less than in October. Zillow’s Home Value Index for October is in line with CoreLogic’s data revealing a fourth month of declines.





Updated to include Zillow’s HVI.

Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

11 Comments

Leave a Reply

Your email address will not be published.

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Advertisement

KEEP READING!

Business News

(FINANCE) An anti-trust lawsuit against major players in the residential real estate industry sheds light on misinformation and misunderstandings about commissions - when you're...

Social Media

(SOCIAL MEDIA) Facebook is updating its trends page as another step in its revamping process.

Business Marketing

(MARKETING) Opcity is the Austin startup making big changes to the ways that lead generation happens in real estate.

Business Marketing

(MARKETING) Whether an anomaly or the new normal, publishers are seeing diminished reach with text content on this popular site.

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.