CoreLogic: Prices ‘not far from the bottom’
By Inman News, Thursday, March 8, 2012
National home prices posted their sixth consecutive monthly decline in January, falling 1 percent from December and 3.1 percent from a year ago, according to data aggregator CoreLogic.
CoreLogic Chief Economist Mark Fleming said in a statement that home prices aren’t falling as hard as they did at the peak of the housing downturn, and are “not far from the bottom.”
When distressed sales are excluded, national home prices were down 0.9 percent year over year, but up 0.7 percent from December to January.
The picture varied greatly from market to market. Among the top 100 metro areas by population, 71 showed year-over-year declines in January, eight fewer than in December, CoreLogic said.
At the state level, 18 saw stable or appreciating home values over the last year, including South Dakota (5.7 percent), North Dakota (4 percent), West Virginia (4 percent), Montana (3.6 percent), and Michigan (3 percent).
States with greatest price appreciation
| State | Year-over-year price change | Excluding distressed |
| South Dakota |
5.7% |
6.4% |
| West Virginia |
4% |
2.7% |
| North Dakota |
4% |
3.8% |
| Montana |
3.6% |
5.9% |
| Michigan |
3% |
0.2% |
| South Carolina |
2.8% |
1.6% |
| Alaska |
2.2% |
3.7% |
| Florida |
1.8% |
1.2% |
| Nebraska |
1.7% |
1.4% |
| Washington, D.C. |
1.6% |
0.6% |
Source: CoreLogic
States with the greatest annual depreciation were Illinois (-8.7 percent), Nevada (-8 percent), Delaware (-7.9 percent), Alabama (-7.7 percent), and Georgia (-7.5 percent).
States with greatest price depreciation
| State | Year-over-year price change | Excluding distressed |
| Illinois |
-8.7% |
-2.6% |
| Nevada |
-8% |
-6.7% |
| Delaware |
-7.9% |
-5.5% |
| Alabama |
-7.7% |
-2.3% |
| Georgia |
-7.5% |
-3.3% |
| Wyoming |
-6% |
1% |
| Ohio |
-5.6% |
-1.1% |
| Rhode Island |
-5.6% |
-0.8% |
| Minnesota |
-5.1% |
-4.1% |
| Connecticut |
-4.8% |
-2.8% |
Source: CoreLogic