Reports Continue to Show Home Price Declines

CoreLogic and Lender Processing Servicesrn(LPS) have each released their most recent Home Price Indices.  CoreLogic’s HPI covers December; LPS’s coversrnthe month of November.  Here is a quickrnreview of each.</p

LPS found that the average home pricernfor transactions during November was $199.000, down 0.6 percent from thernOctober average.  This is the fifth consecutivernmonth that this index has declined. rnPreliminary information on December sales indicates that the HPI mightrnhave lost another 0.8 percent during that month.</p

When the market peaked in June 2006 therntotal value of the U.S. housing inventory covered by LPS was $10.8rntrillion.  The value has declined 30.6rnpercent to $7.5 trillion since that time.</p

Price changes were consistent across therncountry, increasing in 13 percent of the ZIP Codes in the database.  Higher priced homes had somewhat small pricerndeclines than those in the middle and low price categories with the range fromrnhigh to low covering only 13 basis points.</p

CoreLogic issues two sets of indices,rnone including sales of distressed properties, the other excluding thosernsales.  The HPI for all sales decreasedrn1.4 percent in December and was down 4.7 percent on an annual basis, the fifthrnyear in a row that this HPI has declined.   rnThe Index covering market sales was 0.9 percent higher than in Decemberrn2010 which, Core Logic says, gives an indication of the impact distressed salesrnare having on the market.  The HPI excluding distressed sales posted its first month -over-monthrngain since last July, rising 0.2 percent. rn</p

Ofrnthe top 100 Core Based Statistical Areas as measured by population, 81 showedrnyear-over-year declines in November compared to 80 that were down on a monthlyrnbasis in November compared to October.

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