The latest release of CoreLogic’s Home Price Index (HPI) showed that, excluding distressed sales, month-over-month prices increased 0.7 percent in February from January. The index also showed that year-over-year prices declined by 0.8 percent in February 2012 compared to February 2011. Distressed sales include short sales and real estate-owned (REO) transactions.
The report also shows national home prices—including distressed sales—declined on a year-over-year basis by 2 percent in February 2012 and by 0.8 percent compared to January 2012; this marks the seventh consecutive monthly decline.
Highlights as of February 2012:
• Including distressed sales, the five states with the highest appreciation were: West Virginia (+8.6 percent), Michigan (+5.8 percent), Florida (+4.7 percent), Arizona (+4.5 percent) and South Dakota (+4.1 percent).
• Including distressed sales, the five states with the greatest depreciation were: Delaware (-11.2 percent), Connecticut (-7.9 percent), Rhode Island (-7.8 percent), Illinois (-7.1 percent) and Georgia (-6.6 percent).
• Excluding distressed sales, the five states with the highest appreciation were: South Dakota (+5.9 percent), West Virginia (+5.6 percent), Maine (+4.5 percent), Utah (+3.7 percent) and Montana (+3.6 percent).
• Excluding distressed sales, the five states with the greatest depreciation were: Delaware (-8.7 percent), Connecticut (-4.9 percent), Nevada (-4.6 percent), Vermont (-4 percent) and Minnesota (-3.3 percent).
"House prices, based on data through February, continue to decline, but at a decreasing rate. The deceleration in the pace of decline is a first step toward ultimately growing again," said Mark Fleming, chief economist for CoreLogic. "Excluding distressed sales, we already see modest price appreciation month over month in January and February."