Home prices in January declined for the sixth consecutive month in a row, according to the latest data from CoreLogic (CLGX).
The Santa Ana, Calif.-based analytics firm says home prices, including those on distressed sales, fell 3.1% in January from a year earlier and dipped 1% from December. When excluding distressed home sales, prices fell 0.9% in January compared to a year earlier.
“Although home price declines are slowly improving and not far from the bottom, home prices are down to nearly the same levels as 10 years ago,” said Mark Fleming, chief economist for CoreLogic.
The five states with the highest price appreciation in January included South Dakota, where prices rose 5.7%, North Dakota (up 4%), West Virginia (up 4%), Montana (up 3.6%) and Michigan (up 3%).
States with the deepest price depreciation included Illinois with a drop of 8.7%, Nevada (down 8%), Delaware (7.9%), Alabama (7.7%), and Georgia (7.5%).
When evaluating home price depreciation from peak levels of April 2006 to January 2012, the drop is a steep 34% and 24.2% when excluding distressed assets.
kpanchuk@housingwire.com
