Survey finds further decline in home prices statewide

February 9, 2011

Real Estate

Metro Jackson housing prices declined more steeply in December than in November, reports CoreLogic HPI, a Santa Ana, Calif., research and analytics firm.
Statewide, single-family home prices fell in December 3.36% compared to the same month in 2009, the researchers reported.
Jackson, home prices, including distressed sales, declined by 2.98 percent in December compared to December 2009 and declined by 4.17 percent in November compared to November 2009. Excluding foreclosure and other distressed sales, year-over-year prices increased by 1.91 percent in December compared to December 2009 and increased by 3.63 percent in November compared to November 2009, CoreLgoic reports.
For all of Mississippi, home prices, excluding distressed sales, dropped 1.92 in December compared to December 2009, CoreLogic says.
Jackson joined the rest of the nation in showing a fifth month of declines in CoreLogic’s Home Price Index.
CoreLogic said national home prices, including distressed sales, declined by 5.46 percent in December compared to December 2009 and declined by 4.39 percent in November compared to November 2009.
Excluding distressed sales, year-over-year prices declined by 2.31 percent in December compared to December 2009 and declined by 2.81 percent in November compared to November 2009. Distressed sales include short sales and real estate owned (REO) transactions.
Annual data for 2010 shows home prices stabilized nationally with the average annual HPI index showing no change relative to 2009. That compares to a 12.7 percent decline between 2008 and 2009. The stabilization in annual prices follows double-digit declines in 2008 and 2009 and is a sign that the largest declines are over, CoreLogic says.
CoreLogic Chief Economist Mark Fleming said 2010 was a year of ups and downs as a result of the improvements brought on by the first-time homebuyer tax credits followed by the declines that occurred when they 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,” he said.

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