Home Price Index Shows Fourth Consecutive Monthly Decline
Press release from the issuing company
Monday, January 9th, 2012
CoreLogic, a leading provider of information, analytics and business services, today released its November Home Price Index (HPI) report, the most timely and comprehensive source of home prices available today, which shows that home prices in the U.S. decreased 1.4 percent on a month-over-month basis, the fourth consecutive monthly decline. According to the CoreLogic HPI, national home prices, including distressed sales, also declined by 4.3 percent on a year-over-year basis in November 2011 compared to November 2010. This follows a decline of 3.7 percent* in October 2011 compared to October 2010. Excluding distressed sales, year-over-year prices declined by 0.6 percent in November 2011 compared to November 2010 and by 1.6* percent in October 2011 compared to October 2010. Distressed sales include short sales and real estate owned (REO) transactions.
“With one month of data left to report, it appears that the healthy, non-distressed market will be very modestly down in 2011. 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,” said Mark Fleming, chief economist for CoreLogic.
Highlights as of November 2011
- Including distressed sales, the five states with the highest appreciation were: 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).
- Including distressed sales, the five states with the greatest depreciation were: 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 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).
- 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).
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to November 2011) was -32.8 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -23.1 percent.
- Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 77 are showing year-over-year declines in November, three fewer than in October.
*October 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.
November HPI for the Country’s Largest CBSAs by Population:
CBSA |
November 2011 12-Month HPI Change by CBSA |
|
| Single Family | Single Family Excluding Distressed |
|
| Chicago-Joliet-Naperville, IL | -10.5% | -1.9% |
| Atlanta-Sandy Springs-Marietta, GA | -8.2% | -3.5% |
| Los Angeles-Long Beach-Glendale, CA | -5.7% | 0.5% |
| Riverside-San Bernardino-Ontario, CA | -5.7% | -3.7% |
| Phoenix-Mesa-Glendale, AZ | -4.9% | -5.3% |
| Houston-Sugar Land-Baytown, TX | -3.4% | 1.0% |
| Philadelphia, PA | 0.7% | 0.6% |
| Dallas-Plano-Irving, TX | 0.2% | 2.4% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 0.2% | 2.3% |
| New York-White Plains-Wayne, NY-NJ | 1.3% | 1.9% |
Source: CoreLogic.
November HPI State and National Ranking:
State |
November 2011 12-Month HPI Change by State |
|
| Single Family | Single Family Excluding Distressed |
|
| National | -4.3% | -0.6% |
| Nevada | -11.2% | -8.8% |
| Illinois | -9.7% | -2.1% |
| Minnesota | -7.8% | -4.7% |
| Georgia | -7.7% | -3.6% |
| Ohio | -7.2% | 0.3% |
| Rhode Island | -6.3% | -3.6% |
| California | -5.9% | -0.9% |
| Arizona | -5.8% | -4.9% |
| Idaho | -5.8% | -4.1% |
| Washington | -5.2% | -1.2% |
| New Hampshire | -4.7% | -1.2% |
| Wisconsin | -4.6% | -2.4% |
| New Mexico | -4.5% | -0.9% |
| Alabama | -4.5% | 1.7% |
| Utah | -4.4% | 0.5% |
| Delaware | -4.3% | -2.1% |
| Missouri | -4.2% | -1.1% |
| Massachusetts | -3.8% | 1.2% |
| Florida | -3.7% | -0.7% |
| Wyoming | -3.4% | 1.8% |
| Kentucky | -3.1% | -0.7% |
| Oregon | -2.6% | -1.8% |
| Maryland | -2.4% | -0.5% |
| North Dakota | -2.4% | 1.4% |
| New Jersey | -2.3% | -2.5% |
| Connecticut | -2.2% | -1.5% |
| Maine | -2.0% | 4.9% |
| Louisiana | -1.7% | 2.4% |
| Hawaii | -1.6% | -0.5% |
| Kansas | -1.0% | 1.6% |
| North Carolina | -0.8% | -0.3% |
| Iowa | -0.6% | 0.4% |
| Texas | -0.6% | 1.9% |
| Arkansas | -0.5% | 0.1% |
| Tennessee | -0.5% | 0.9% |
| Michigan | -0.2% | -3.5% |
| West Virginia | -0.1% | -1.8% |
| Colorado | -0.1% | 0.8% |
| Mississippi | 0.0% | 0.2% |
| Oklahoma | 0.0% | 1.0% |
| Pennsylvania | 0.0% | 1.4% |
| Virginia | 0.4% | 1.8% |
| Indiana | 0.7% | 3.3% |
| Montana | 0.9% | 3.8% |
| Alaska | 1.2% | 1.8% |
| South Dakota | 1.3% | 2.4% |
| New York | 1.7% | 1.7% |
| Nebraska | 1.9% | 2.1% |
| District of Columbia | 2.1% | 0.7% |
| South Carolina | 2.8% | 4.9% |
| Vermont | 4.3% | 1.5% |
Source: CoreLogic.
