By Ian McKendry
WASHINGTON (MNI) – U.S home prices, including distressed sales,
fell 3.9% on a year-over-year basis in October according to a report
released Tuesday by data analytics firm CoreLogic.
While home prices declined over the last year, the decline was less
than the 4.1% year-over-year decline seen in September.
On a monthly basis, home prices fell 1.3% in October compared to a
1.1% decline in September.
Excluding distressed sales — which includes short sales and real
estate owned transactions — prices fell 0.5% year-over-year in October
compared to a 1.1% year-over-year decline in September.
“While many housing statistics are basically moving sideways,
prices continue to correct for a supply and demand imbalance,” Economist
Mark Fleming said in a statement.
“Looking forward, our forecasts indicate flat growth through 2013,”
Fleming added.
Including distressed sales, West Virginia (+4.8%), South Dakota
(+3.1%), New York (+3.0%), District of Columbia (+2.4%) and Alaska
(+2.1%) showed the most price appreciation.
States with the greatest price depreciation, including distressed
sales were, Nevada (-12.1 percent), Illinois (-9.4 percent), Arizona
(-8.1 percent), Minnesota (-7.9 percent) and Georgia (-7.3 percent).
“Of the top 100 Core Based Statistical Areas (CBSAs) measured by
population, 78 are showing year-over-year declines in October, two fewer
than in September,” CoreLogic said.
** Market News International Washington Bureau: 202-371-2121 **
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