National home prices, including distressed sales, declined by 0.7% in January 2010 compared to January 2009, according to First American CoreLogic's LoanPerformance Home Price Index (HPI). The company's HPI for December showed a downwardly revised year-over-year price decline of 3.4%.
Excluding distressed sales, year-over-year prices declined in January by 0.4%; while in December 2009 the non-distressed HPI fell by 3.3% year-over-year.
Compared to a year ago, the month-to-month rate of decline is lessening – in January 2009, the HPI showed the largest one month decline in its more than 30-year history. On a month-over-month basis, the national average home price index decline accelerated, falling by 1.9% in January 2010 compared to 0.8% in December 2009, indicating the housing market still remains weak.
First American CoreLogic expects house prices to increase by 4.5% over the next year and by 5.6% when distressed sales are excluded.
SOURCE: First American CoreLogic