More evidence of the double-dip in housing continues to trickle out. Corelogic reported that its home price index fell 1.8% month-over-month from August to September and 2.8% year-over-year. The index is now down 29% from the peak, but still slightly above the low reached in March 2009. Zimbabwe Ben has his work cut out for him to prevent home prices from falling to new lows in 2011. From Corelogic
CoreLogic today released its September Home Price Index (HPI) that shows that home prices in the U.S. declined for the second month in a row after rising slightly for the first seven months of the year. According to the CoreLogic HPI, national home prices, including distressed sales, declined 2.79 percent in September 2010 compared to September 2009 and declined by 1.08 percent [revised] in August 2010 compared to August 2009. Excluding distressed sales, year-over-year prices declined .73 percent in September 2010.
“We’re continuing to see price declines across the board with all but seven states seeing a decrease in home prices,” said Mark Fleming, chief economist for CoreLogic. “This continued and widespread decline will put further pressure on negative equity and stall the housing recovery.”
Note: Corelogic's index uses a three=month weighted average (July, August, September) to calculate prices.
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