Home Prices Continue Downward

According to CoreLogic’s Home Price Index, home prices for November 2011 fell 4.3 percent compared to November 2010. For the fourth consecutive month in a row home prices declined, falling 1.4 percent October to November, 2011. Mark Fleming, CoreLogic’s chief economist, is quoted in HousingWire saying, “With one month of data left to report, it appears that the healthy, non-distressed market will be very modestly down in 2011. Distressed sales continue to put downward pressure on prices, and is a factor that must be addressed in 2012 for a housing recovery to become a reality.” When including distressed sales, the five top states where home prices appreciated the most are Vermont, South Carolina, District of Columbia, Nebraska, and New York. States with the highest depreciation rates include Nevada, Illinois, Minnesota, Georgia, and Ohio. The depreciation rates in the worst states were, in some cases, five times the appreciation rate in the states with the most gains.

(Photo credit: MattHeafey)

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