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Home Prices Fell 4.7% in 2011: CoreLogic

Home prices for transactions fell by 4.7 percent year-over-year in 2011, making last year the fifth straight one in which prices underwent declines, according to ""CoreLogic"":http://www.corelogic.com/default.aspx.

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The data and analytics provider released the latest figures Thursday in a home price index that also recorded year-over-year declines by 2 percent over November last year.

""While overall prices declined by almost 5 percent in 2011, non-distressed prices showed only a small decrease. Until distressed sales in the market recede, we will see continued downward pressure on prices,"" ""Mark Fleming"":http://www.imn.org/pages/biography.cfm?personid=1F337A547198, chief economist for CoreLogic, said in a statement.

States with the highest appreciation included Montana, Vermont, South Dakota, Nebraska, and New York, each by 4.4 percent, 3.1 percent, 2.5 percent, and

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1.7 percent, respectively. These home prices included sales of distressed properties.

Those with the steepest declines in home prices included Illinois, Nevada, Georgia, Ohio, and Minnesota, each by 11.3 percent, 10.6 percent, 8.3 percent, 7.7 percent, and 7.5 percent, respectively.

""Lender Processing Services"":http://www.lpsvcs.com/Pages/default.aspx (LPS) also reported declines for home prices last fall with the release of another index Wednesday.

The applied analytics division of the company found home prices falling month-over-month in October by 0.6 percent, making it the fifth straight month for declines and the lowest figures for home prices seen since 2002.

""Since the post-bubble drop in home prices eased in January of 2009, we've generally seen that prices for homes in the lowest 20 percent of local markets in the metropolitan areas covered by the LPS HPI now differ by more than the highest 20 percent from their levels 10 years ago,"" ""Kyle Lundstedt"":http://www.lpsvcs.com/LPSCorporateInformation/CommunicationCenter/ThoughtLeadership/Biographies/Pages/KyleLundstedt.aspx, managing director of LPS Applied Analytics, said in a separate statement.

The company said that home prices on average declined from $282,000 to $56,000, amounting to 13.8 percent in annual declines.

The company said that home prices fell more slowly since a rapid-fire era of declines last seen between June 2007 and December 2008, when home prices climbed down from $282,000 to $56,000.

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.
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