Non distressed property sector in US just marginally down on a year ago, data shows

Residential prices in the United States fell by 0.4% in August compared with the previous month, according to the latest index from CoreLogic.

August Home Price Index (HPI) shows that it is the first monthly decline in four months. Year on year prices are down 4.4%. But excluding distressed sales, the year on year fall is 0.7%. Distressed sales include short sales and real estate owned (REO) transactions.

‘The slight month on month decline was predictable, particularly given the renewed concerns over a double dip recession, high negative equity, and the persistent levels of shadow inventory,’ said Mark Fleming, chief economist at CoreLogic.

‘The continued bright spot is the non distressed segment of the market, which is only marginally lower than a year ago and continues to exhibit relative strength,’ he added.

Including distressed sales, the five states with the highest appreciation were West Virginia, up 8.6%, Wyoming up 3.6%, North Dakota up 3.5%, New York up 3.2% and Alaska up 2.2%.

Including distressed sales, the five states with the greatest depreciation were Nevada, down 12.4%, Arizona down 10.7%, Illinois down 9.6%, Minnesota down 7.8% and Georgia down 7.2%.

Excluding distressed sales, the five states with the highest appreciation were West Virginia, up 10.7%, Mississippi up 4.8%, Hawaii up 4.4%, North Dakota up 4.2% and Kansas up 3.7%.

Excluding distressed sales, the five states with the greatest depreciation were Nevada, down 8.8%, Arizona down 8.3%, Delaware down 4.9%, Michigan down 4.3% and Minnesota down 4.2%.

Including distressed transactions, the peak to current change in the national HPI from April 2006 to August 2011 was -30.5%. Excluding distressed transactions, the peak to current change in the HPI for the same period was -21%.

Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 80 are showing year on year declines in August, eight fewer than in July.

Source: Propertywire

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