US real estate prices down 1.3% in October

Residential property prices in the United States fell 1.3% in October, the third monthly decline in a row, according to the latest CoreLogic Home Price Index.

Year on year prices including distressed sales are down 3.9% while excluding distressed sales they fell by 0.5%, the data also shows. Distressed sales include short sales and real estate owned (REO) transactions.     
‘Home prices continue to decline in response to the weak demand for housing. While many housing statistics are basically moving sideways, prices continue to correct for a supply and demand imbalance. Looking forward, our forecasts indicate flat growth through 2013,’ said Mark Fleming, chief economist for CoreLogic.

But the picture varies widely on a state by state basis. And even within states some sectors are holding up well while others are not.

Including distressed sales, the five states with the highest growth were West Virginia which was up 4.8%, South Dakota up 3.1%, New York up 3%, District of Columbia up 2.4% and Alaska up 2.1%.

Including distressed sales, the five states with the greatest drop were Nevada down 12.1%, Illinois down 9.4%, Arizona down 8.1%, Minnesota down 7.9% and Georgia down 7.3%.

Excluding distressed sales, the five states with the biggest rise were South Carolina up 4.6%, Maine and New York both up 3.1%, Alaska up 2.9% and Kansas up 2.8%.

Excluding distressed sales, the five states with the greatest price falls were Nevada which was down 8.8%, Arizona down 7%, Minnesota down 5.7%, Delaware down 3.9% and Georgia down 3.6%.

Including distressed transactions, the peak to current change in the national HPI from April 2006 to October 2011 was -32%. Excluding distressed transactions, the peak to current change in the HPI for the same period was -22.4%.
 
Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 78 are showing year on year declines in October, two fewer than in September.