It’s always interesting to look at how we stack up compared to our neighbors. Georgia had a steep decline of 7.3 percent while Florida experienced a drop of 3.5 percent over the past 12 months. Tennessee’s home prices declined by only 0.2 percent. Mississippi was the real surprise among our contiguous neighbors with home prices there actually rising by 2.0 percent.
This information comes from CoreLogic®, a leading provider of information, analytics and business services. The firm released last week its October Home Price Index which shows that home prices in the U.S. decreased 1.3 percent on a month-over-month basis, the third consecutive monthly decline.
According to the CoreLogic, national home prices also declined by 3.9 percent on a year-over-year basis in October 2011 compared to October 2010.
Mark Fleming, chief economist for CoreLogic said, “Home prices continue to decline in response to the weak demand for housing. While many housing statistics are basically moving sideways, prices continue to correct for a supply and demand imbalance. Looking forward, our forecasts indicate flat growth through 2013.”
Highlights as of October 2011
- Including distressed sales, the five states with the highest appreciation were: West Virginia (+4.8%), South Dakota (+3.1%), New York (+3.0%), District of Columbia (+2.4%) and Alaska (+2.1%).
- Including distressed sales, the five states with the greatest depreciation were: Nevada (-12.1%), Illinois (-9.4%), Arizona (-8.1%), Minnesota (-7.9%) and Georgia (-7.3%).
- Of the top 100 markets measured by population, 78 are showing year-over-year declines in October, two fewer than in September.
Full-month October 2011 national and state data can be found at http://www.corelogic.com/HPIOctober2011.