Real Estate Trends say Nation is on Track for Fall
CoreLogic released its August Home Price Index (HPI) which shows that home prices in the U.S. decreased 0.4 percent on a month-over-month basis, the first monthly decline in four months and declined on a year-over-year basis by 4.4 percent in August 2011 compared to August 2010. This is to be expected said Mark Fleming, chief economist for CoreLogic.
“Although the calendar says August, the end of the summer traditionally marks the beginning of fall for the housing market as it begins to prepare for winter.” So the slight month-over-month decline was predictable, particularly given the renewed concerns over a double-dip recession, high negative equity, and the persistent levels of shadow inventory. The continued bright spot is the non-distressed segment of the market, which is only marginally lower than a year ago and continues to exhibit relative strength.”
Highlights from the August report are:
- Including distressed sales, the five states with the highest appreciation were: West Virginia (+8.6 percent), Wyoming (+3.6 percent), North Dakota (+3.5 percent), New York (+3.2 percent), and Alaska (+2.2 percent).
- Including distressed sales, the five states with the greatest depreciation< were: Nevada (-12.4 percent), Arizona (-10.7 percent), Illinois (-9.6 percent), Minnesota (-7.8 percent), and Georgia (-7.2 percent).
- Excluding distressed sales, the five states with the highest appreciation were: West Virginia (+10.7 percent), Mississippi (+4.8 percent), Hawaii (+4.4 percent), North Dakota (+4.2 percent), and Kansas (+3.7 percent).
- Excluding distressed sales, the five states with the greatest depreciation were: Nevada (-8.8 percent), Arizona (-8.3 percent), Delaware (-4.9 percent), Michigan (-4.3 percent), and Minnesota (-4.2 percent).
Other interesting items to note are the core based statistical areas (CBSAs).