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Home Price Index Shows Year-Over-Year Decline for Seventh Straight MonthSalem-News.com
Home Prices in Salem Decrease...
(SANTA ANA, Calif.) - CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its February Home Price Index (HPI) which shows that home prices in the U.S. declined for the seventh month in a row. According to the CoreLogic HPI, national home prices, including distressed sales, declined by 6.7 percent in February 2011 compared to February 2010 after declining by 5.5 percent* in January 2011 compared to January 2010. Excluding distressed sales, year-over-year prices declined by 0.1 percent in February 2011 compared to February 2010 and by 1.4* percent in January 2011 compared to January 2010. Distressed sales include short sales and real estate owned (REO) transactions.
Despite the continued overall decline, home prices excluding distressed properties are showing signs of stability according to Mark Fleming, chief economist with CoreLogic. "When you remove distressed properties from the equation, we're seeing a significantly reduced pace of depreciation and greater stability in many markets. Price declines are increasingly isolated to the distressed segment of the market, mostly in the form of REO sales, as the stock of foreclosures is slowly cleared," he said.
Home Prices in Salem Decrease
In Salem, home prices, including distressed sales, declined by -8.64 percent in February 2011 compared to February 2010 and declined by -12.13 percent** in January 2011 compared to January 2010.
Excluding distressed sales, year-over-year prices declined by -5.76 percent in February 2011 compared to February 2010 and declined by -7.59 percent** in January 2011 compared to January 2010.
National Highlights as of February 2011
* National January 2011 data, including distressed sales, was revised from a decline of -5.7 percent to a decline of -5.5 percent. January 2011 data, excluding distressed sales, was revised from a decline of -1.6 percent to a decline of -1.4 percent. ** Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.
Full-month February 2011 national, state-level and top CBSA-level data can be found at http://www.corelogic.com/
February HPI for the Country's Largest Core Based Statistical Areas (CBSAs):
February HPI State and National Ranking:
Annual HPI National Change Percentages:
The CoreLogic HPI incorporates more than 30 years worth of repeat sales transactions, representing more than 55 million observations sourced from CoreLogic industry-leading property information and its securities and servicing databases. The CoreLogic HPI provides a multi-tier market evaluation based on price, time between sales, property type, loan type (conforming vs. nonconforming), and distressed sales. The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, which provides a more accurate "constant-quality" view of pricing trends than basing analysis on all home sales. The CoreLogic HPI provides the most comprehensive set of monthly home price indices and median sales prices available covering 6,433 ZIP codes (58 percent of total U.S. population), 593 Core Based Statistical Areas (86 percent of total U.S. population) and 1,097 counties (83 percent of total U.S. population) located in all 50 states and the District of Columbia.
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