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.
- CoreLogics Home Price Index, how Minnesota ranks nationally July 2011 (craigkamman.wordpress.com)
- CoreLogic:Jul US ‘Shadow’ Inv Of Homes 1.6m Vs 1.9m In Jul’10 (forexlive.com)
- S&P Case Shiller Home Price Index 2nd Qtr 2011, Minneapolis vs Composite 20 (craigkamman.wordpress.com)
- Minnesota Unemployment Rate up to 7.2% August 19,2011 (craigkamman.wordpress.com)