Photo: Flickr / haglundc
U.S. home prices posted their fifth-consecutive month-over-month decline, CoreLogic reported today.The group’s home price index declined 1.4 per cent in December as short sales and foreclosure deals continued to bog down prices.
“Until distressed sales in the market recede, we will see continued downward pressure on prices,” said Mark Fleming, chief economist for CoreLogic.
Including distressed sales, December prices declined 4.7 per cent from December 2010.
Montana, Vermont, South Dakota, Nebraska and New York saw the greatest price gains.
Illinois, Nevada, Georgia, Ohio and Minnesota experienced the heaviest declines.