Dennis Norman
Home Prices Exhibit “Improving Declines” (sounds rather oxymoronic, huh?)
In a report issued by First American CoreLogic national home prices continue to decline with their HPI (Loan Performance Home Price Index) declining by 3.7 percent in December 2009 compared with the year before. If you take the distressed sales out (foreclosures, short sales, etc) the nation decline in HIP for the same period was 3.3 percent.
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Including distressed transactions, the HPI (home price index) has fallen 28.2 percent nationally through December from its peak in April 2006. Excluding distressed properties, the national HPI has fallen 21.5 percent from the same period.
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When distressed sales were included Nevada (-20.8 percent) remained the top-ranked state for annual price depreciation followed by Arizona (-12.6 percent), Idaho (-11.4), Florida (-11.3 percent) and Michigan (-10.8 percent). Of these five states all but Michigan showed month over month descreases in home prices from November to December.
- Excluding distressed sales, the worst five states for year-over-year price declines changes slightly. Nevada (-18.8 percent) still holds the top spot, followed by Arizona (-11.8 percent), Florida (-10.3 percent), Michigan (-10.0 percent) and Maine (-9.1 percent).
“The housing market, after experiencing stabilization in many, but not all, markets in the spring and summer of 2009 is going through the typical seasonal winter malaise,” said Mark Fleming, chief economist for First American CoreLogic. “The big unknown for the 2010 spring selling season continues to be the future of the federal home buyer tax credit,” he said.
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