US house prices fell for sixth straight month in January: CoreLogic

Alistair WalshMarch 12, 20120 min read

American housing prices continued to fall in January, slipping 3.1% on a year-over-year basis. This was their sixth consecutive monthly decline, according to CoreLogic’s latest report.

When the report excluded distressed sales, it found prices fell just 0.9% year-on-year.

Illinois, Nevada, Delaware, Alabama and Georgia were hardest hit by the declines, each falling 7.5% or more over the year, including distressed sales.

Since peak values in 2006, prices in Nevada have fallen the most out of the states surveyed, down 60.1%.

Nationally prices are down 34% from peak values in April 2006, including distressed sales and down 24% excluding distressed sales.

Of the 100 most populated areas surveyed, 71 had year-over-year declines in January, eight fewer than in December.

Including distressed sales, the five states that had the greatest year-on-year increase in prices in January were South Dakota, North Dakota, West Virginia, Montana and Michigan. Prices increased 3% or more in all five.

CoreLogic’s chief economist says housing prices are not far from 2002 levels.

 

Alistair Walsh

Deutsche Welle online reporter
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