CoreLogic Home Price Index Remained Flat in July —Growing Number of Declining Markets Underscore Weakness in the Housing Market without Tax-Credit Support—
SANTA ANA, Calif., Sept. 15 /PRNewswire/ -- CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its Home Price Index (HPI) that showed that home prices in the U.S. remained flat in July as transaction volumes continue to decline. This was the first time in five months that no year-over-year gains were reported. According to the CoreLogic HPI, national home prices, including distressed sales showed no change in July 2010 compared to July 2009. June 2010 HPI showed a 2.4 percent* year-over-year gain compared to June 2009.
Highlights as of July 2010
- The top five states with the highest appreciation, including distressed sales, were: Maine (+4.5 percent), South Dakota (+4.3 percent), California (+3.7 percent), New York (+3.0 percent), and Virginia (+2.6 percent).
- The top five states with the greatest depreciation, including distressed sales, were Idaho (-12.6 percent), Alabama (-9.7 percent), Utah (-5.6 percent), Oregon (-4.8 percent) and Washington (-4.3 percent).
- Excluding distressed sales, the top five states with the highest appreciation were: South Dakota (+5.1 percent), District of Columbia (+4.9 percent), New York (+3.4 percent), Mississippi (+2.8 percent), and California (+2.8 percent).
- Excluding distressed sales, the top five states with the greatest depreciation were: Idaho (-9.9 percent), Michigan (-6.7 percent), Arizona (-5.6 percent), Nevada (-4.8 percent) and Oregon (-3.8 percent).
- 36 states experienced price declines in July on a year-over-year basis, twice the number in May and the highest number since last November when prices nationally were still declining.
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to July 2010) is -27.7 percent. Excluding distressed properties, the peak-to-current change in the HPI for the same period is -19.5 percent.
"Although home prices were flat nationally on a year-over-year basis, the majority of states experienced price declines and price declines are spreading across more geographies relative to a few months ago. Home prices fell in 36 states in July on a year-over-year basis, nearly twice the number in May and the highest since last November when national home prices were declining," said Mark Fleming, chief economist for CoreLogic.
Full-month July 2010 national, state-level and top CBSA-level data can be found at http://www.corelogic.com/About-Us/ResearchTrends/Home-Price-Index.aspx.
*June 2010 data was revised up from 1.4 percent to 2.4 percent. Revisions with public record data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built the largest U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. Formerly the information solutions group of The First American Corporation, CoreLogic began trading under the ticker CLGX on the NYSE on June 2, 2010. The company, headquartered in Santa Ana, Calif., has more than 10,000 employees globally with 2009 revenues of $2 billion. For more information visit www.corelogic.com