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Corelogic announced Monday that home prices in 2011 would finish “very modestly down” for the year as prices slid for the fourth consecutive month in November, decreasing 1.4 per cent.The more popular Case-Shiller home price index is up to date through October.
“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,” said Mark Fleming, chief economist for CoreLogic.
Including distressed sales, prices were down 4.3 per cent on a year-over-year basis for November, on the heels of a 3.7 per cent YOY decline in October.
However, excluding distressed sales, home prices fell just 0.6 per cent year-over-year in November and 1.6 per cent in October.