National home prices, including distressed sales, declined on a year-over-year basis by 2% in February 2012 and by 0.8% compared to January, marking the seventh consecutive monthly decline, according to the latest home price index (HPI) report from Santa Ana, Calif.-based CoreLogic. However, if distressed sales were excluded from the data, the CoreLogic HPI found a month-over-month home prices increase of 0.7% in February and a year-over-year price decline of 0.8%.
‘House prices, based on data through February, continue to decline, but at a decreasing rate,’ says Mark Fleming, chief economist at CoreLogic. ‘The deceleration in the pace of decline is a first step toward ultimately growing again. Excluding distressed sales, we already see modest price appreciation month-over-month in January and February. The continued strength of sales activity and tightening inventories in many markets are early and hopeful signs that prices will continue to stabilize and improve in the coming months.’
Including distressed sales, the five states with the highest home price appreciation in February were West Virginia (8.6%), Michigan (5.8%), Florida (4.7%), Arizona (4.5%) and South Dakota (4.1%). Excluding distressed sales, the five states with the highest appreciation were South Dakota (5.9%), West Virginia (5.6%), Maine (4.5%), Utah (3.7%) and Montana (3.6%).
Including distressed sales, the five states with the greatest depreciation were Delaware (-11.2%), Connecticut (-7.9%), Rhode Island (-7.8%), Illinois (-7.1%) and Georgia (-6.6%). Excluding distressed sales, the five states with the greatest depreciation were Delaware (-8.7%), Connecticut (-4.9%), Nevada (-4.6%), Vermont (-4%) and Minnesota (-3.3%).