Clear Capital: U.S. Home Prices Decline For Third Straight Month

Posted by Orb Staff on December 09, 2010 No Comments
Categories : Residential Mortgage

Home prices fell 5.8% nationally quarter-over-quarter, according to Clear Capital's Home Data Index Market Report, which covers data through November. This represents the third consecutive month of home-price declines.

Thirteen of the top 50 metro markets measured have double-dipped – up from the six that Clear Capital reported last month. According to the firm, the increase in double-dip markets indicates that the markets' current price levels are the lowest since the housing downturn began. Markets currently experiencing a double-dip include Charlotte, N.C.; Jacksonville, Fla.; Las Vegas; Miami; Nashville, Tenn.; Orlando, Fla.; Philadelphia; Portland, Ore.; Richmond, Va.; Seattle; Tampa, Fla.; Tucson, Ariz.; and Virginia Beach, Va.

"It's encouraging that the immediate and dramatic decline in prices that we observed since mid-August appears to be softening," says Alex Villacorta, senior statistician at Clear Capital. "But any optimism should be tempered by the fact that November's numbers show continued significant downward pressure for home prices. Nationally, prices are six percent above double-dip territory, but are down eight percent since the momentum from the tax credit ended."

On a regional basis, the Midwest experienced the largest quarterly price change – a drop of 9.9%. The South is closing in on a double-dip, as it is only 2.3% above the lows it experienced in 2009, Clear Capital adds.

Click here to view Clear Capital's latest home-price report.

SOURCE: Clear Capital

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