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CoreLogic Home Price Index Falls for First Time This Year

Home prices in the U.S. declined 1.5 percent in August compared to a year earlier, ""CoreLogic"":http://www.corelogic.com reported Monday. It's the first time this year the company's index has recorded an annual drop.

Mark Fleming, chief economist for California-based CoreLogic, warned that price declines are expanding geographically. Seventy-eight of the largest 100 metropolitan areas included in the firm's study posted lower prices in August, up from 58 just one earlier.
[IMAGE] [COLUMN_BREAK]

CoreLogic's assessment is in line with what's expected to be a downward trajectory for home prices in the months ahead.

""Clear Capital issued an alert"":http://dsnews.comarticles/clear-capital-reports-sudden-and-dramatic-drop-in-us-home-prices-2010-10-22 Friday after identifying a 5.9 percent drop in home prices through September and October. Clear Capital says it's the fastest rate of decline the company has seen since March 2009, and it expects the falloff to show up in other reports soon.

The top five states with the highest appreciation in CoreLogic's study during the month of August were: Maine (+5.8 percent), New York (+3.7 percent), Connecticut (+2.5 percent), Virginia (+2.4 percent), and South Dakota (+2.1 percent).

The five states with the greatest depreciation were: Idaho (-14.0 percent), Alabama (-10.4 percent), Utah (-7.3 percent), Oregon (-6.3 percent), and Florida (-6.2 percent).

CoreLogic's data shows that home prices nationally have fallen 28.2 percent from their peak in April 2006.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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