First American CoreLogic and its LoanPerformance Home Price Index (HPI) shows that resale housing prices dropped by 11.6% in January 2009 when compared with January 2008, which represents 11 consecutive months of deprecation of more than 10%.
Since U.S. home prices peaked in July 2006, they have declined 21.2 percent on a cumulative basis and are currently back to the lowest price level last seen in March 2004.
The number of metropolitan markets experiencing price declines is, by far, the highest ever. As of January 2009, over 700, or nearly three-quarters, of all metropolitan markets were experiencing home price depreciation, up from 254 markets experiencing depreciation in December 2007 and 394 in June 2008.
"Home prices nationally continue to fall, and are no longer confined to just the 'sand' states. Nearly three quarters of all CBSAs are now experiencing declines, almost three times more than a year ago.The economic downturn and high levels of distressed housing inventory means that the likelihood of a price recovery will not begin until 2010," said Mark Fleming, chief economist for First American CoreLogic.
Among the country's 35 largest metropolitan markets, or Core Based Statistical Areas (CBSA), 10 markets show depreciation of more than 20 percent.
LoanPerformance HPI Largest CBSAs Ranking:
| CBSA | 12 Month HPI Change % |
|---|---|
| Riverside-San Bernardino-Ontario CA | -29.62% |
| Miami-Miami Beach-Kendall FL | -28.79% |
| Las Vegas-Paradise NV | -28.41% |
| Oakland-Fremont-Hayward CA | -27.73% |
| Cape Coral-Fort Myers FL | -27.23% |
| Los Angeles-Long Beach-Glendale CA | -25.14% |
| Phoenix-Mesa-Scottsdale AZ | -24.26% |
| Fort Lauderdale-Pompano Beach-Deerfield Beach FL | -23.48% |
| San Diego-Carlsbad-San Marcos CA | -21.99% |
| Orlando-Kissimmee FL | -20.96% |
| Tampa-St. Petersburg-Clearwater FL | -18.05% |
| San Francisco-San Mateo-Redwood City CA | -15.12% |
| Washington-Arlington-Alexandria DC-VA-MD-WV | -14.77% |
| Chicago-Naperville-Joliet IL | -13.12% |
| Portland-Vancouver-Beaverton OR-WA | -11.62% |
| Seattle-Bellevue-Everett WA | -11.48% |
| Minneapolis-St. Paul-Bloomington MN-WI | -11.10% |
| Honolulu HI | -10.82% |
| Edison-New Brunswick NJ | -9.34% |
| New York-White Plains-Wayne NY-NJ | -8.46% |
| Boston-Quincy MA | -7.25% |
| St. Louis MO-IL | -5.85% |
| Cleveland-Elyria-Mentor OH | -4.84% |
| Charlotte-Gastonia-Concord NC-SC | -4.38% |
| Atlanta-Sandy Springs-Marietta GA | -3.58% |
| Detroit-Livonia-Dearborn MI | -3.44% |
| Raleigh-Cary NC | -3.38% |
| Salt Lake City UT | -2.95% |
| Philadelphia PA | -2.85% |
| San Antonio TX | -1.10% |
| Denver-Aurora-Broomfield CO | 0.97% |
| Dallas-Plano-Irving TX | 1.54% |
| Houston-Sugar Land-Baytown TX | 3.58% |
| Austin-Round Rock TX | 3.92% |
Source: First American CoreLogic, LoanPerformance HPI, Single-Family Detached as of January, 2009
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