Home Price Index: home prices down 1.3% in Q3

Calculated Risk reported that the October CoreLogic Home Price Index (HPI) showed that home prices in the U.S. decreased 1.3 percent on a month-0ver-month basis for the third consecutive month. The HPI is a three-month weighted average of August, September and October (with October weighted the most).

According to the HPI, national home prices, including distressed sales, also declined by 3.9 percent on a year-over-year basis in October 2011 compared with October 2010.

Excluding distressed sales (short sales and real estate owned transactions), year-over-year prices declined by 0.5 percent in October 2011 compared to October 2010 and by 2.1 percent in September 2011 compared to September 2010.

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