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.
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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.