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CoreLogic report shows continuing decline in home prices

The January assessment details the sixth consecutive monthly decrease

by Caitlin AdamsPublished: March 08, 2012 09:45 AM

Santa Ana-based CoreLogic, an analytics and business services firm, has released its Home Price Index for January, detailing information on local and national home sales at all levels of the real estate market. According to the report, January’s national home price average fell by 3.1 percent compared to the same period last year, and also decreased from the previous month by 1 percent. This marks the sixth month in a row of declining home prices on the national level.

Statewide, California home prices fell by 4.8 percent compared to last year’s numbers. California is also one of the top five states with the largest drop in home prices since the peak of the market. Overall, the national Home Price Index shows an average decline of 34 percent, with the Golden State weighing in at a fall of 43.6 percent. The state with the largest peak-to-current decline is Nevada, with a decrease of 60.1 percent.

On a local level, home prices followed the larger declining trend. The statistical area of Santa Ana/Anaheim/Irvine saw home prices fall 4.2 percent compared to January 2011.

Despite the downward trend, Mark Fleming, chief economist for CoreLogic, said that the rate of decline is beginning to slow.

"Although home price declines are slowly improving and not far from the bottom, home prices are down to nearly the same levels as 10 years ago," said  Fleming.

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