CoreLogic released its February Home Price Index (HPI ) report today showing that home prices declined for the seventh consecutive month. In a year-over-year comparison, home prices dropped by 6.7% in February 2011 compared to February 2010. Distressed property sales, including short sales and real estate owned (REO) transactions, continue to have an adverse effect on home values across the nation.
However, there appears to be signs of stability within the housing market. Mark Fleming, the chief economist for CoreLogic, states, “When you remove distressed properties from the equation, we’re seeing a significantly reduced pace of depreciation and greater stability in many markets. Price declines are increasingly isolated to the distressed segment of the market, mostly in the form of REO sales, as the stock of foreclosures is slowly cleared.”
While West Virginia, New York, North Dakota, Maine, and Alaska are beginning to experience home appreciation, the State of Idaho is still showing the greatest home depreciation in the country. CoreLogic’s data shows that Idaho’s home values, including distressed transactions, sit at a -14.6%. Even when data for distressed sales is excluded, Idaho remains with the highest depreciation level at -9.3%. http://bit.ly/hw6XUS