Magazine article Mortgage Banking

CoreLogic Reports U.S. Home Prices Flat for 2010 vs. 2009

Magazine article Mortgage Banking

CoreLogic Reports U.S. Home Prices Flat for 2010 vs. 2009

Article excerpt

Even though Santa Ana--based CoreLogic's Home Price Index (HPI) fell for the fifth month in a row in December, the company's annual data for 2010 showed national home prices reflected no change from 2009 levels. By comparison, national home prices plunged by 12.7 percent between 2008 and 2009, according to CoreLogic.

Mark Fleming, CoreLogic's chief economist, noted in a press release announcing the release of the December HPI that 2010 was a year of ups and downs as a result of the improvements brought on by homebuyer tax credits and the subsequent price plunge when those credits expired.

"It was a bumpy ride, which ended with a net gain/loss of zero. Despite the continued monthly decline in home prices and year-over-year depreciation, we're encouraged that on an annual basis we're unchanged relative to a year ago. Excess supply continues to drive prices downward, but the silver lining is that the rate of decline is decelerating," Fleming said.

But the more recent data continue to show weakness in the nation's home prices. Both December and November HPI data from this year show declines on an annual performance basis. CoreLogic's HPI, including distressed sales, fell by 5.46 percent in December 2010 compared with December 2009. National home prices in November 2010 fell by 4.39 percent compared with November 2009, when distressed sales were included.

When distressed sales were excluded, national home prices still fell in both November and December, but just not by as much. …

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