Minnesota’s Home Price Index drops -4.2 percent, Corelogic Report


Corelogic’s HPI August report came out today.  Minnesota is still leading the nation in property value declines, at least in the top 5 leaders.  I am hoping this really means that our market is correcting the quicker and not a sign that we have bigger problems.   It is too close to call at this point, so I lean towards the optimistic side that we correcting quicker.

––Prices Are 4.4 Percent Lower Than a Year Ago––

CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its August Home Price Index (HPI) which shows that home prices in the U.S. decreased 0.4 percent on a month-over-month basis, the first monthly decline in four months.  According to the CoreLogic HPI, national home prices, including distressed sales, also declined on a year-over-year basis by 4.4 percent in August 2011 compared to August 2010.  This follows a decline of 4.8 percent* in July 2011 compared to July 2010.  Excluding distressed sales, year-over-year prices declined by 0.7 percent in August 2011 compared to August 2010 and by 1.7* percent in July 2011 compared to July 2010.  Distressed sales include short sales and real estate owned (REO) transactions.

Including distressed sales, the five states with the greatest depreciation were: Nevada (-12.4 percent), Arizona (-10.7 percent), Illinois (-9.6 percent), Minnesota (-7.8 percent), and Georgia (-7.2 percent).

Excluding distressed sales, the five states with the greatest depreciation were: Nevada (-8.8 percent), Arizona (-8.3 percent), Delaware (-4.9 percent), Michigan (-4.3 percent), and Minnesota (-4.2 percent).

Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 80 are showing year-over-year declines in August, eight fewer than in July.

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