Home Prices Down 4.4% In August

Home Prices Down 4.4% In August Home prices fell 0.4% in August – the first monthly decline in four months, according to CoreLogic's latest Home Price Index (HPI). On a year-over-year basis, national home prices, including distressed sales, declined by 4.4%.

Excluding distressed sales, year-over-year prices declined by just 0.7% in August, the HPI shows.

Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to August 2011) was -30.5%. Excluding distressed transactions, the peak-to-current change for the same period was -21%.

The slight month-over-month downturn comes as no surprise to CoreLogic Chief Economist Mark Fleming.

‘Although the calendar says August, the end of the summer traditionally marks the beginning of 'fall' for the housing market as it begins to prepare for 'winter,'’ he says. ‘So the slight month-over-month decline was predictable, particularly given the renewed concerns over a double-dip recession, high negative equity and the persistent levels of shadow inventory. The continued bright spot is the non-distressed segment of the market, which is only marginally lower than a year ago and continues to exhibit relative strength.’

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