CoreLogic’s January Home Price Index (HPI) shows that home prices in the U.S. declined for the sixth month in a row.
According to the CoreLogic HPI, national home prices, including distressed sales, are down 5.7 percent over January 2010, after declining by 4.7 percent in December 2010 compared to December 2009.
Excluding distressed sales, year-over-year prices declined by 1.6 percent in January 2011 compared to January 2010 and by 3.2 percent in December 2010 compared to December 2009. Distressed sales include short sales and real estate owned (REO) transactions.
The January data shows home prices continuing to slide. Mark Fleming, chief economist with CoreLogic, said:
“A number of factors continue to dampen any recovery in the housing market. Negative equity, which limits the mobility of homeowners, weak demand and the overhang of shadow inventory all continue to exert downward pressure on housing prices. We are looking out for renewed demand in the coming months as the spring buying season gets underway to hopefully reduce the downward pressure.”
The index is now off 32.8% from the peak and 1.6% below the previous post-bubble low set in March 2009. The expectation is for further new post-bubble lows for this housing index over the next few months.