Traditionally prices and sales decline during the late year dull days of winter, and this season is no exception to the rule.
Unfortunately, the November drop is the fourth consecutive month of declining nationwide prices according to CoreLogic’s November Home Price Index (HPI).
Of concern is the accelerated drop in the home sales which include ‘distressed properties’ – additional evidence that the continued presence of ‘distressed properties’ is a major factor for price drops.
According to the CoreLogic HPI, national home prices, including distressed sales:
- Dropped 5.07 percent in November 2010 compared to November 2009;
- Dropped 3.35 percent in October 2010 compared to October 2009.
Excluding distressed sales, year-over-year home prices:
- Dropped 2.21 percent in November 2010 compared to November 2009;
- Dropped 2.24 in October 2010 compared to October 2009.
Note: CoreLogic, which reports year-over-year home price changes, is a three month weighted average of September, October and November, and is not seasonally adjusted (NSA).