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Home prices decline across 34 states
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Home prices declined by 11 percent from one year ago, according to First American CoreLogic, a member of The First American Corporation family of companies and a leader in residential mortgage data and analytics. Earlier in October the company released their August 2008 LoanPerformance Home Price Index (HPI).
"As of August, nominal home prices declined 11.3 percent from a year ago. Our early September view of the data indicates a decline of 11 percent from a year ago. For the third month now, the rate of decline has held steady at around 11 percent. Our projection for pre-foreclosure and foreclosure filings through the end of 2008 remains at approximately 3.2 million, but a significant increase in job losses reported by the government in October is likely to pressure the pre-foreclosure and foreclosure filing projection upward," said Mark Fleming, chief economist for First American CoreLogic. "Recent events in the credit markets and financial markets, as well as economic trends, have increased risk facing the housing market. The current assessment is that we expect house prices to maintain their steady state or potentially begin to further accelerate downward in light of the economic pressures. No news currently points to an expectation for an improvement in price levels in the near term," added Fleming.
"Thirty-four states are experiencing nominal price declines, with California, Arizona, Nevada and Florida leading the category in that order. Texas, South Dakota, Vermont and Mississippi stand out as states with house price appreciation. In particular, the major metropolitan areas of Texas are performing well relative to much of the rest of the country," added Fleming.
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