Notes: CoreLogic reports the year-over-year change. The headline for this post is for the change from November to December 2010. The CoreLogic HPI is a three month weighted average of October, November, and December and is not seasonally adjusted (NSA).
CoreLogic … released its December Home Price Index (HPI) which shows that home prices in the U.S. declined for the fifth month in a row. According to the CoreLogic HPI, national home prices, including distressed sales, declined by 5.46 per cent in December 2010 compared to December 2009 and declined by 4.39 per cent in November 2010 compared to November 2009.
Excluding distressed sales, year-over-year prices declined by 2.31 per cent in December 2010 compared to December 2009 and declined by 2.81 per cent in November 2010 compared to November 2009.
According to Mark Fleming, chief economist with CoreLogic, 2010 was a year of ups and downs as a result of the improvements brought on by the tax credits followed by the declines that occurred when they expired. “It was a bumpy ride which ended with a net gain/loss of zero. Despite the continued monthly decline in home prices and year-over-year depreciation, we’re encouraged that on an annual basis we’re unchanged relative to a year ago. Excess supply continues to drive prices downward, but the silver lining is that the rate of decline is decelerating,” he said.
This graph shows the national CoreLogic HPI data since 1976. January 2000 = 100.
The index is down 5.46% over the last year, and off 31.6% from the peak.
This is the fifth straight month of year-over-year declines, and the sixth straight month of month-to-month declines. The index is only 0.07% above the low set in March 2009 (essentially at the low), and I expect to see a new post-bubble low for this index with the January release.
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