Vermont home prices fell six-tenths of one percent over the last year as distressed sales pushed down what otherwise was an increase of 3.1 percent in the price of an average home whentroubled properties were removed from the equation. Both numbers, however, remain considerably better than most other states and the nation as a whole. CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its September Home Price Index, which shows that home prices in the US decreased 1.1 percent on a month-over-month basis, the second consecutive monthly decline.
According to the CoreLogic HPI, national home prices, including distressed sales, also declined by 4.1 percent in September 2011 compared to September 2010. This follows a decline of 4.4 percent* in August 2011 compared to August 2010. Excluding distressed sales, year-over-year prices declined by 1.1 percent in September 2011 compared to September 2010 and by 2.2* percent in August 2011 compared to August 2010. Distressed sales include short sales and real estate owned (REO) transactions.
"Even with low interest rates, demand for houses remains muted. Home sales are down in September and the inventory of homes for sale remains elevated. Home prices are adjusting to correct for the supply-demand imbalance and we expect declines to continue through the winter. Distressed sales remain a significant share of homes that do sell and are driving home prices overall," said Mark Fleming, chief economist for CoreLogic.
Highlights as of September 2011
Including distressed sales, the five states with the highest appreciation were: West Virginia (+7.0 percent), Wyoming (+3.8 percent), South Dakota (+3.6 percent), Maine (+3.5 percent), and North Dakota (+3.1 percent).
Including distressed sales, the five states with the greatest depreciation were: Nevada (-12.4 percent), Illinois (-9.2 percent), Arizona (-9.0 percent), Minnesota (-8.3 percent), and Georgia (-7.2 percent).
Excluding distressed sales, the five states with the highest appreciation were: West Virginia (+13.2 percent), Maine (+5.8 percent), Wyoming (+4.8 percent), Montana (+4.4 percent), and Kansas(+3.9 percent).
Excluding distressed sales, the five states with the greatest depreciation were: Nevada (-9.6 percent), Arizona (-7.7 percent), Minnesota (-5.9 percent), Michigan (-4.8 percent), and Delaware (-3.7 percent).
Including distressed transactions, the peak-to-current change in the national HPI (from April 2006to September 2011) was -31.2 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -21.9 percent.
Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 82 are showing year-over-year declines in September, the same as in August.
Full-month September 2011 national, state-level and top CBSA-level data can be found athttp://www.corelogic.com/HPISeptember2011.
*August 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.
September HPI for the Country's Largest Core Based Statistical Areas (CBSAs) by Population:
September 2011 12-Month HPI
CBSA
Change by CBSA
Single Family
Single Family Excluding Distressed
Chicago-Joliet-Naperville, IL
-9.7%
-1.9%
Phoenix-Mesa-Glendale, AZ
-8.0%
-7.1%
Atlanta-Sandy Springs-Marietta, GA
-7.8%
-3.9%
Riverside-San Bernardino-Ontario, CA
-6.3%
-4.0%
Los Angeles-Long Beach-Glendale, CA
-5.8%
0.2%
Houston-Sugar Land-Baytown, TX
-4.3%
0.9%
Philadelphia, PA
-0.3%
-0.4%
Dallas-Plano-Irving, TX
-0.1%
2.8%
Washington-Arlington-Alexandria, DC-VA-MD-WV
1.0%
2.3%
New York-White Plains-Wayne, NY-NJ
2.2%
2.9%
Source: CoreLogic.
September HPI State and National Ranking:
September 2011 12-Month HPI
State
Change by State
Single Family
Single Family
Excluding Distressed
National
-4.1%
-1.1%
Nevada
-12.4%
-9.6%
Illinois
-9.2%
-2.5%
Arizona
-9.0%
-7.7%
Minnesota
-8.3%
-5.9%
Georgia
-7.2%
-3.6%
California
-6.5%
-1.6%
Ohio
-6.0%
0.0%
Delaware
-5.8%
-3.7%
Washington
-5.6%
-1.9%
Idaho
-5.1%
0.0%
Wisconsin
-4.7%
-3.3%
New Mexico
-4.7%
-2.5%
Alabama
-4.6%
2.4%
Missouri
-4.4%
-1.6%
Oregon
-4.3%
-3.3%
Utah
-4.3%
-0.8%
Florida
-3.8%
-1.7%
Michigan
-3.7%
-4.8%
Connecticut
-3.5%
-3.6%
New Hampshire
-3.2%
-1.1%
Rhode Island
-2.7%
-0.7%
Massachusetts
-2.2%
-1.6%
Hawaii
-2.0%
0.9%
Arkansas
-1.8%
-1.0%
Kentucky
-1.7%
0.2%
Maryland
-1.6%
0.1%
Colorado
-1.5%
-0.2%
Texas
-1.4%
1.6%
New Jersey
-1.2%
-1.5%
Indiana
-0.7%
0.7%
Louisiana
-0.6%
2.2%
Vermont
-0.6%
3.1%
North Carolina
-0.5%
0.4%
Iowa
-0.4%
0.3%
Montana
-0.3%
4.4%
Virginia
-0.2%
0.7%
Oklahoma
-0.2%
0.4%
Pennsylvania
-0.1%
0.6%
Mississippi
0.0%
0.6%
South Carolina
0.6%
2.1%
Tennessee
0.7%
0.1%
Alaska
0.8%
1.4%
Kansas
1.2%
3.9%
Nebraska
1.2%
0.8%
District of Columbia
1.4%
0.3%
New York
2.4%
2.5%
North Dakota
3.1%
3.4%
Maine
3.5%
5.8%
South Dakota
3.6%
1.2%
Wyoming
3.8%
4.8%
West Virginia
7.0%
13.2%
Methodology
The CoreLogic HPI incorporates more than 30 years' worth of repeat sales transactions, representing more than 65 million observations sourced from CoreLogic industry-leading property information and its securities and servicing databases. The CoreLogic HPI provides a multi-tier market evaluation based on price, time between sales, property type, loan type (conforming vs. nonconforming), and distressed sales. The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, which provides a more accurate "constant-quality" view of pricing trends than basing analysis on all home sales. The CoreLogic HPI provides the most comprehensive set of monthly home price indices and median sales prices available covering 6,607 ZIP codes (58 percent of total U.S. population), 608 Core Based Statistical Areas (86 percent of total U.S. population) and 1,146 counties (84 percent of total U.S. population) located in all 50 states and the District of Columbia.
About CoreLogic
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The Company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built one of the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The Company, headquartered in Santa Ana, Calif., has more than 5,000 employees globally. For more information visit www.corelogic.com.
Source: CoreLogic SANTA ANA, Calif., Nov. 7, 2011 /PRNewswire/ --