CoreLogic has released its October Home Price Index (HPI), which shows that home prices in the U.S. declined for the third month in a row.
National home prices, including distressed sales, declined by 3.93% in October 2010 compared to October 2009. Excluding distressed sales, year-over-year prices declined by 1.5%.
Including distressed transactions, the peak-to-current change in the national HPI – from April 2006 to October 2010 – was -30.2%. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -20.9%.
"We are continuing to see the weakness in home prices without artificial government support in the form of tax credits. The stubborn unemployment levels and seasonality are also coming into play," says Mark Fleming, chief economist for CoreLogic. "When you combine these factors with high shadow and visible inventories, the prospect for a housing recovery in early 2011 is fading."
Including distressed sales, the five states with the highest appreciation were North Dakota (4.61%), West Virginia (3.43%), Vermont (2.59%), Maine (1.97%) and Wyoming (1.93%). The five states with the greatest depreciation were Idaho (-15.06%), Alabama (-9.3%), Oregon (-8.5%), Arizona (-8.25% and Florida (- 8%).