Year-over-year home prices decline for seventh straight month
April 8th, 2011 7:13am
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According to CoreLogic's Home Price Index, the year-over-year value in February for the market showed decline - the seventh straight month for this trend.The company's February report also discovered that West Virginia, New York, North Dakota, Maine and Alaska led the country in appreciation, while Idaho, Arizona, Florida, Michigan and Illinois were tops for depreciation, all of which included distressed sales.
"When you remove distressed properties from the equation, we're seeing a significantly reduced pace of depreciation and greater stability in many markets," said Mark Fleming, CoreLogic's chief economist. "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."
Furthermore, of the top 100 Core-Based Statistical Areas, which are measured by population, 86 percent experienced year-over-year declines, which is still an improvement upon January's mark of 88 percent.
Another recent report discovered that the Western region of the country is experiencing the most significant declines, falling by 4.3 percent quarter-over-quarter, reaching levels unseen since 2001.
Courtesy of 2M Realty News
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