By Ian McKendry
WASHINGTON (MNI) – The decline in U.S home prices including
distressed sales slowed in March, data analytics firm CoreLogic reported
Tuesday.
The CoreLogic home price index fell 0.6% on a year-over-year basis
in March, which was less steep than the 2.0% year-over-year decline seen
in February.
“This spring the housing market is responding to an improving
balance between real estate supply and demand which is causing
stabilization in house prices,” CoreLogic Chief Economist Mark
Fleming said in a statement Tuesday.
“Although this has been the case in each of the last two years, the
difference this year is that stabilization is occurring without the
support of tax credits and in spite of a declining share of REO sales,”
Fleming added.
CoreLogic said on a month-over-month basis, home prices
increased 0.6%, and excluding distressed sales — which include short
sales and real estate owned transactions — prices rose 0.9%.
“While housing prices remain flat nationally, in many markets
tighter inventories are beginning to lift home prices,” Anand
Nallathambi, president and chief executive officer of CoreLogic said
alongside Fleming.
“Including distressed sales, the five states with the highest
appreciation were: Wyoming (+5.9%), West Virginia (+5.3%), Arizona
(+5.1%), North Dakota (+4.7%) and Florida (+4.5%),” the report said.
“Including distressed sales, the five states with the greatest
depreciation were: Delaware (-10.6%), Illinois (-8.3%), Alabama (-8.0%),
Georgia (-7.3%) and Nevada (-5.8%),” it added.
** MNI Washington Bureau: 202-371-2121 **
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