Typical Home Values Not Going Down As Much As Thought
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AOL has just released a compilation of home price statistics that have a unique perspective on the U.S. housing market. Standard & Poors’ Case–Shiller Index reported a year-over-year price decline of 3.7 percent (November data) while the National Association of Realtors® saw 2011 declines of 3.93 percent and 2.27 percent for the median and average prices, respectively.
CoreLogic reported a 4.7 percent decline from 2010 to 2011. But when they removed all of the distressed sales and included typically-motivated sales, the home price decline was 0.9 percent. When comparing November to December 2011 and removing all distressed sales from the analysis, home prices actually increased 0.2 percent
You can download CoreLogic’s reports and data (contact information is required to login in but these include all states and the longer-term price series—thank you CoreLogic for making such timely data available!) .
That report includes these gems of data:
Largest 2011 Property Price Gains (including distressed sales)
|South Dakota||+3.1 percent|
|New York||+1.7 percent|
Largest 2011 Property Price Declines (including distressed sales)
Since the housing market commenced the downward slide in 2007, RealtyTrac reports that 8.9 million U.S. homes have gone through foreclosure. The President of the Federal Reserve Bank of New York sees a potential 1.8 million home foreclosures both in 2012 and 2013. So while there are green shoots in many parts of the U.S. housing market, foreclosures will continue to impact both the inventory coming on line and home prices.