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Home Prices Lower in February, Higher if Distressed Properties Excluded
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You're Now Reading:
Home Prices Lower in February, Higher if Distressed Properties Excluded
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 Lower in February, Higher if Distressed Properties Excluded
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April 5, 2012 (Chris Moore)

Monthly home prices fell across the nation for the seventh consecutive month in February, declining 0.8 percent from Janaury, but if distressed property sales were excluded, home prices would have posted a slight appreciation according to CoreLogic’s February Home Price Index (HPI).

Including distressed property sales, home prices in February were only 2.0 percent lower than in February of last year, down from 3.1 percent in January. Excluding distressed properties, home prices were 0.7 percent higher than in January and would have only been 0.8 percent lower than in February of last year, a slight improvement from 0.9 percent in January.

Nevada (-60.2 percent) continued to post the largest decline in home prices since the market peaked in 2006 followed by Arizona (-50.8 percent), Florida (-48.6 percent), Michigan (-44.0 percent) and California (-43.7 percent). That was little changed from last month’s list of worst performing states which included Nevada (-60.1 percent), Arizona (-50.8 percent), Florida (-49.0 percent), California (-43.6 percent) and Michigan (-43.2 percent).

Since the market peak in April 2006, home prices have declined 34.4 percent when including distressed property sales and when excluding distressed property sales, home prices have dropped 24.6 percent since the market peak.

CoreLogic defines distressed property sales as short sales and real estate owned (REO) transactions.

Mark Fleming, chief economist for CoreLogic, stated, “House prices, based on data through February, continue to decline, but at a decreasing rate. The deceleration in the pace of decline is a first step toward ultimately growing again. Excluding distressed sales, we already see modest price appreciation month over month in January and February.”

Sixty-seven out of the top 100 Core Based Statistical Areas (CBSAs) experienced year-over-year price declines in February, which was nine less than the revised amount reported in January.

The five states with the highest year-over-year (YOY) appreciation including distressed sales were: West Virginia (+8.6 percent), Michigan (+5.8 percent), Florida (+4.7 percent), Arizona (+4.5 percent) and South Dakota (+4.1 percent). In January, those states were: South Dakota (+5.7 percent), North Dakota (+4.0 percent), West Virginia (+4.0 percent), Montana (+3.6 percent) and Michigan (+3.0 percent).

The five states with the greatest YOY depreciation including distressed sales were: Delaware (-11.2 percent), Connecticut (-7.9 percent), Rhode Island (-7.8 percent), Illinois (-7.1 percent) and Georgia (-6.6 percent). In January, those states were: Illinois (-8.7 percent), Nevada (-8.0 percent), Delaware (-7.9 percent), Alabama (-7.7 percent) and Georgia (-7.5 percent).

The five states with the highest YOY appreciation excluding distressed sales were: South Dakota (+5.9 percent), West Virginia (+5.6 percent), Maine (+4.5 percent), Utah (+3.7 percent) and Montana (+3.6 percent). In January, those states were: South Dakota (+6.4 percent), Montana (+5.9 percent), North Dakota (+3.8 percent), Alaska (+3.7 percent) and Indiana (+2.7 percent).

The five states with the greatest YOY depreciation excluding distressed sales were: Delaware (-8.7 percent), Connecticut (-4.9 percent), Nevada (-4.6 percent), Vermont (-4.0 percent) and Minnesota (-3.3 percent). In January, those states were Nevada (-6.7 percent), Delaware (-5.5 percent), Minnesota (-4.1 percent), New Jersey (-3.5 percent) and Georgia (-3.3 percent).

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

Sources:
CoreLogic

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Rates

April 5, 2012 (Chris Moore)

Monthly home prices fell across the nation for the seventh consecutive month in February, declining 0.8 percent from Janaury, but if distressed property sales were excluded, home prices would have posted a slight appreciation according to CoreLogic’s February Home Price Index (HPI).

Including distressed property sales, home prices in February were only 2.0 percent lower than in February of last year, down from 3.1 percent in January. Excluding distressed properties, home prices were 0.7 percent higher than in January and would have only been 0.8 percent lower than in February of last year, a slight improvement from 0.9 percent in January.

Nevada (-60.2 percent) continued to post the largest decline in home prices since the market peaked in 2006 followed by Arizona (-50.8 percent), Florida (-48.6 percent), Michigan (-44.0 percent) and California (-43.7 percent). That was little changed from last month’s list of worst performing states which included Nevada (-60.1 percent), Arizona (-50.8 percent), Florida (-49.0 percent), California (-43.6 percent) and Michigan (-43.2 percent).

Since the market peak in April 2006, home prices have declined 34.4 percent when including distressed property sales and when excluding distressed property sales, home prices have dropped 24.6 percent since the market peak.

CoreLogic defines distressed property sales as short sales and real estate owned (REO) transactions.

Mark Fleming, chief economist for CoreLogic, stated, “House prices, based on data through February, continue to decline, but at a decreasing rate. The deceleration in the pace of decline is a first step toward ultimately growing again. Excluding distressed sales, we already see modest price appreciation month over month in January and February.”

Sixty-seven out of the top 100 Core Based Statistical Areas (CBSAs) experienced year-over-year price declines in February, which was nine less than the revised amount reported in January.

The five states with the highest year-over-year (YOY) appreciation including distressed sales were: West Virginia (+8.6 percent), Michigan (+5.8 percent), Florida (+4.7 percent), Arizona (+4.5 percent) and South Dakota (+4.1 percent). In January, those states were: South Dakota (+5.7 percent), North Dakota (+4.0 percent), West Virginia (+4.0 percent), Montana (+3.6 percent) and Michigan (+3.0 percent).

The five states with the greatest YOY depreciation including distressed sales were: Delaware (-11.2 percent), Connecticut (-7.9 percent), Rhode Island (-7.8 percent), Illinois (-7.1 percent) and Georgia (-6.6 percent). In January, those states were: Illinois (-8.7 percent), Nevada (-8.0 percent), Delaware (-7.9 percent), Alabama (-7.7 percent) and Georgia (-7.5 percent).

The five states with the highest YOY appreciation excluding distressed sales were: South Dakota (+5.9 percent), West Virginia (+5.6 percent), Maine (+4.5 percent), Utah (+3.7 percent) and Montana (+3.6 percent). In January, those states were: South Dakota (+6.4 percent), Montana (+5.9 percent), North Dakota (+3.8 percent), Alaska (+3.7 percent) and Indiana (+2.7 percent).

The five states with the greatest YOY depreciation excluding distressed sales were: Delaware (-8.7 percent), Connecticut (-4.9 percent), Nevada (-4.6 percent), Vermont (-4.0 percent) and Minnesota (-3.3 percent). In January, those states were Nevada (-6.7 percent), Delaware (-5.5 percent), Minnesota (-4.1 percent), New Jersey (-3.5 percent) and Georgia (-3.3 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.

April 5, 2012 (Chris Moore)

Monthly home prices fell across the nation for the seventh consecutive month in February, declining 0.8 percent from Janaury, but if distressed property sales were excluded, home prices would have posted a slight appreciation according to CoreLogic’s February Home Price Index (HPI).

Including distressed property sales, home prices in February were only 2.0 percent lower than in February of last year, down from 3.1 percent in January. Excluding distressed properties, home prices were 0.7 percent higher than in January and would have only been 0.8 percent lower than in February of last year, a slight improvement from 0.9 percent in January.

Nevada (-60.2 percent) continued to post the largest decline in home prices since the market peaked in 2006 followed by Arizona (-50.8 percent), Florida (-48.6 percent), Michigan (-44.0 percent) and California (-43.7 percent). That was little changed from last month’s list of worst performing states which included Nevada (-60.1 percent), Arizona (-50.8 percent), Florida (-49.0 percent), California (-43.6 percent) and Michigan (-43.2 percent).

Since the market peak in April 2006, home prices have declined 34.4 percent when including distressed property sales and when excluding distressed property sales, home prices have dropped 24.6 percent since the market peak.

CoreLogic defines distressed property sales as short sales and real estate owned (REO) transactions.

Mark Fleming, chief economist for CoreLogic, stated, “House prices, based on data through February, continue to decline, but at a decreasing rate. The deceleration in the pace of decline is a first step toward ultimately growing again. Excluding distressed sales, we already see modest price appreciation month over month in January and February.”

Sixty-seven out of the top 100 Core Based Statistical Areas (CBSAs) experienced year-over-year price declines in February, which was nine less than the revised amount reported in January.

The five states with the highest year-over-year (YOY) appreciation including distressed sales were: West Virginia (+8.6 percent), Michigan (+5.8 percent), Florida (+4.7 percent), Arizona (+4.5 percent) and South Dakota (+4.1 percent). In January, those states were: South Dakota (+5.7 percent), North Dakota (+4.0 percent), West Virginia (+4.0 percent), Montana (+3.6 percent) and Michigan (+3.0 percent).

The five states with the greatest YOY depreciation including distressed sales were: Delaware (-11.2 percent), Connecticut (-7.9 percent), Rhode Island (-7.8 percent), Illinois (-7.1 percent) and Georgia (-6.6 percent). In January, those states were: Illinois (-8.7 percent), Nevada (-8.0 percent), Delaware (-7.9 percent), Alabama (-7.7 percent) and Georgia (-7.5 percent).

The five states with the highest YOY appreciation excluding distressed sales were: South Dakota (+5.9 percent), West Virginia (+5.6 percent), Maine (+4.5 percent), Utah (+3.7 percent) and Montana (+3.6 percent). In January, those states were: South Dakota (+6.4 percent), Montana (+5.9 percent), North Dakota (+3.8 percent), Alaska (+3.7 percent) and Indiana (+2.7 percent).

The five states with the greatest YOY depreciation excluding distressed sales were: Delaware (-8.7 percent), Connecticut (-4.9 percent), Nevada (-4.6 percent), Vermont (-4.0 percent) and Minnesota (-3.3 percent). In January, those states were Nevada (-6.7 percent), Delaware (-5.5 percent), Minnesota (-4.1 percent), New Jersey (-3.5 percent) and Georgia (-3.3 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.