By Inman News, Tuesday, October 26, 2010.
U.S. home prices posted their first year-over-year decline in 2010 during August, according to data aggregator CoreLogic.
CoreLogic’s Home Price Index showed national home prices declining 1.5 percent in August compared to the same month a year ago. The index showed prices down 28.2 percent from their April 2006 peak.
When sales of distressed properties are excluded from the index, the year-over-year price decline in August was a more modest 0.4 percent, and the drop from the peak was 19.6 percent.
Among the nation’s 100 largest metro areas, 78 saw price declines, up from 58 in July, when the index registered a 0.6 percent year-over-year price increase.
The top five states with the highest appreciation, including distressed sales, were: Maine (up 5.8 percent), New York (3.7 percent), Connecticut (2.5 percent), Virginia (2.4 percent), and South Dakota (2.1 percent).
The top five states with the greatest depreciation, including distressed sales, were Idaho (-14 percent), Alabama (-10.4 percent), Utah (-7.3 percent), Oregon (-6.3 percent) and Florida (-6.2 percent).
Another index maintained by Fannie Mae and Freddie Mac’s federal regulator showed U.S. home prices falling 2.4 percent from a year ago in August, to 13.7 percent below an April 2007 peak.
The Federal Housing Finance Agency’s monthly house price index can understate both price declines and price appreciation, because it is calculated using the purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac. Underwriting standards on those loans tended to be stricter than loans originated by subprime lenders during the boom.
The FHFA house price index showed U.S. home prices rising 0.4 percent on a seasonally adjusted basis from July to August. FHFA revised a previously reported 0.5 percent decline in July to a 0.7 percent decline.
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