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Home Prices Fall for Second Consecutive Month but Yearly Gap Closing
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You're Now Reading:
Home Prices Fall for Second Consecutive Month but Yearly Gap Closing
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Home Prices Fall for Second Consecutive Month but Yearly Gap Closing
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November 8, 2011 (Chris Moore)

Monthly national home prices fell for the second consecutive month, declining 1.1 percent in September after falling 0.4 percent in August according to CoreLogic’s September Home Price Index (HPI).

Despite the price declines in the last two months, the difference in year-over-year prices continues to shrink with prices in September 4.1 percent lower than last year while the price difference in August was 4.4 percent. In July the difference was 4.8 percent, in June it was 6.0 percent, in May it was 7.4 percent and in April it was 7.5 percent.

Distressed property sales continue to have a significant impact on housing prices as year-over-year prices in September would only be 1.1 percent lower if distressed property sales were excluded.

Since the market peak in April 2006, home prices have declined 31.2 percent when including distressed property sales and when excluding distressed property sales, home prices have dropped 21.9 percent since the market peak.

CoreLogic defines distressed property sales as 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.

Eight-two out of the top 100 Core Based Statistical Areas (CBSAs) experienced year-over-year price declines in September, which was unchanged from the revised amount reported in August.

The five states with the highest year-over-year (YOY) appreciation including distressed sales 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). In August, those states were: West Virginia (+8.6 percent), Wyoming (+3.6 percent), North Dakota (+3.5 percent), New York (+3.2 percent), and Alaska (+2.2 percent).

The five states with the greatest YOY depreciation including distressed sales were: Nevada (-12.4 percent), Illinois (-9.2 percent), Arizona (-9.0 percent), Minnesota (-8.3 percent), and Georgia (-7.2 percent). In August, those states were Nevada (-12.4 percent), Arizona (-10.7 percent), Illinois (-9.6 percent), Minnesota (-7.8 percent), and Georgia (-7.2 percent).

The five states with the highest YOY appreciation excluding distressed sales were: West Virginia (+13.2 percent), Maine (+5.8 percent), Wyoming (+4.8 percent), Montana (+4.4 percent), and Kansas (+3.9 percent). In August, those states were: West Virginia (+10.7 percent), Mississippi (+4.8 percent), Hawaii (+4.4 percent), North Dakota (+4.2 percent), and Kansas (+3.7 percent).

The five states with the greatest YOY depreciation excluding distressed sales were: Nevada (-9.6 percent), Arizona (-7.7 percent), Minnesota (-5.9 percent), Michigan (-4.8 percent), and Delaware (-3.7 percent). In August, those states were: Nevada (-8.8 percent), Arizona (-8.3 percent), Delaware (-4.9 percent), Michigan (-4.3 percent), and Minnesota (-4.2 percent).

Tags: CoreLogic, home prices, distressed property sales, appreciation, depreciation

Sources:
CoreLogic

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Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
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No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
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Tips
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Rates

November 8, 2011 (Chris Moore)

Monthly national home prices fell for the second consecutive month, declining 1.1 percent in September after falling 0.4 percent in August according to CoreLogic’s September Home Price Index (HPI).

Despite the price declines in the last two months, the difference in year-over-year prices continues to shrink with prices in September 4.1 percent lower than last year while the price difference in August was 4.4 percent. In July the difference was 4.8 percent, in June it was 6.0 percent, in May it was 7.4 percent and in April it was 7.5 percent.

Distressed property sales continue to have a significant impact on housing prices as year-over-year prices in September would only be 1.1 percent lower if distressed property sales were excluded.

Since the market peak in April 2006, home prices have declined 31.2 percent when including distressed property sales and when excluding distressed property sales, home prices have dropped 21.9 percent since the market peak.

CoreLogic defines distressed property sales as 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.

Eight-two out of the top 100 Core Based Statistical Areas (CBSAs) experienced year-over-year price declines in September, which was unchanged from the revised amount reported in August.

The five states with the highest year-over-year (YOY) appreciation including distressed sales 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). In August, those states were: West Virginia (+8.6 percent), Wyoming (+3.6 percent), North Dakota (+3.5 percent), New York (+3.2 percent), and Alaska (+2.2 percent).

The five states with the greatest YOY depreciation including distressed sales were: Nevada (-12.4 percent), Illinois (-9.2 percent), Arizona (-9.0 percent), Minnesota (-8.3 percent), and Georgia (-7.2 percent). In August, those states were Nevada (-12.4 percent), Arizona (-10.7 percent), Illinois (-9.6 percent), Minnesota (-7.8 percent), and Georgia (-7.2 percent).

The five states with the highest YOY appreciation excluding distressed sales were: West Virginia (+13.2 percent), Maine (+5.8 percent), Wyoming (+4.8 percent), Montana (+4.4 percent), and Kansas (+3.9 percent). In August, those states were: West Virginia (+10.7 percent), Mississippi (+4.8 percent), Hawaii (+4.4 percent), North Dakota (+4.2 percent), and Kansas (+3.7 percent).

The five states with the greatest YOY depreciation excluding distressed sales were: Nevada (-9.6 percent), Arizona (-7.7 percent), Minnesota (-5.9 percent), Michigan (-4.8 percent), and Delaware (-3.7 percent). In August, those states were: Nevada (-8.8 percent), Arizona (-8.3 percent), Delaware (-4.9 percent), Michigan (-4.3 percent), and Minnesota (-4.2 percent).

Tags: CoreLogic, home prices, distressed property sales, appreciation, depreciation

Sources:
CoreLogic

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

November 8, 2011 (Chris Moore)

Monthly national home prices fell for the second consecutive month, declining 1.1 percent in September after falling 0.4 percent in August according to CoreLogic’s September Home Price Index (HPI).

Despite the price declines in the last two months, the difference in year-over-year prices continues to shrink with prices in September 4.1 percent lower than last year while the price difference in August was 4.4 percent. In July the difference was 4.8 percent, in June it was 6.0 percent, in May it was 7.4 percent and in April it was 7.5 percent.

Distressed property sales continue to have a significant impact on housing prices as year-over-year prices in September would only be 1.1 percent lower if distressed property sales were excluded.

Since the market peak in April 2006, home prices have declined 31.2 percent when including distressed property sales and when excluding distressed property sales, home prices have dropped 21.9 percent since the market peak.

CoreLogic defines distressed property sales as 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.

Eight-two out of the top 100 Core Based Statistical Areas (CBSAs) experienced year-over-year price declines in September, which was unchanged from the revised amount reported in August.

The five states with the highest year-over-year (YOY) appreciation including distressed sales 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). In August, those states were: West Virginia (+8.6 percent), Wyoming (+3.6 percent), North Dakota (+3.5 percent), New York (+3.2 percent), and Alaska (+2.2 percent).

The five states with the greatest YOY depreciation including distressed sales were: Nevada (-12.4 percent), Illinois (-9.2 percent), Arizona (-9.0 percent), Minnesota (-8.3 percent), and Georgia (-7.2 percent). In August, those states were Nevada (-12.4 percent), Arizona (-10.7 percent), Illinois (-9.6 percent), Minnesota (-7.8 percent), and Georgia (-7.2 percent).

The five states with the highest YOY appreciation excluding distressed sales were: West Virginia (+13.2 percent), Maine (+5.8 percent), Wyoming (+4.8 percent), Montana (+4.4 percent), and Kansas (+3.9 percent). In August, those states were: West Virginia (+10.7 percent), Mississippi (+4.8 percent), Hawaii (+4.4 percent), North Dakota (+4.2 percent), and Kansas (+3.7 percent).

The five states with the greatest YOY depreciation excluding distressed sales were: Nevada (-9.6 percent), Arizona (-7.7 percent), Minnesota (-5.9 percent), Michigan (-4.8 percent), and Delaware (-3.7 percent). In August, those states were: Nevada (-8.8 percent), Arizona (-8.3 percent), Delaware (-4.9 percent), Michigan (-4.3 percent), and Minnesota (-4.2 percent).

Tags: CoreLogic, home prices, distressed property sales, appreciation, depreciation

Sources:
CoreLogic

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.