Calif. House Price Drop 7th Biggest in U.S.
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Calif. House Price Drop 7th Biggest in U.S.
Core Logic Chart
California house prices had the seventh-biggest price drop among U.S. states in November, falling 5.9% from year-ago levels, according to Santa Ana-based data firm CoreLogic.
When distressed houses — bank-owned properties and homes selling for less than their mortgages — are removed from the mix, prices were down 0.9% from the previous November.
On the one hand, California no longer ranks among the top five states with the biggest price drops. But six years into the housing market crash, it’s still in the top 10 (See chart at right).
By comparison, the national average price drop was 4.3% including all single-family houses in the nation, and 0.6% when distressed housing was excluded.
Said Mark Fleming, CoreLogic’s chief economist:
“With one month of data left to report, it appears that the healthy, non-distressed market will be very modestly down in 2011. Distressed sales continue to put downward pressure on prices, and is a factor that must be addressed in 2012 for a housing recovery to become a reality.”
In addition, CoreLogic’s latest Home Price Index (HPI) shows …
• In Orange County, single-family house prices fell 4.9% from November 2010. That compares to a 4.7% decrease year-over-year in October.
• Excluding distressed houses, O.C.’s prices were down 2.5% (compared to 3.2% in October).
• Nationwide, home prices declined 1.4% from October to November, the fourth consecutive month-to-month decrease.
• U.S. home prices were 32.8% below the peak of the housing bubble in April 2006; non-distressed house prices were down 23.1% from the market peak.
• Nevada had the nation’s biggest price drops in November: Down 11.2% for all houses and down 8.8% excluding distressed properties.
• Vermont had the nation’s biggest price gain: Up 4.3% including distressed housing and up 1.5% without it.
• Of the 50 states, prices were up in just nine and in Washington, D.C.; they were down in 38 states and unchanged in three.
• Of the 100 biggest metro areas, 77 showed year-over-year price declines.
• Among the biggest metro areas, Chicago had the biggest price drop: Down 10.5% and down 1.9% excluding distressed houses.
• New York City and environs had the biggest gain: Up 1.3% and up 1.9% excluding distressed houses.
• Prices were down 5.7% in Los Angeles County and in the Inland Empire.
Posted by Jeff Collins on January 10, 2012 in Lansner on Real Estate
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