The CoreLogic September Home Price Index shows that area home prices have declined for two consecutive months.
The Santa Ana-based business and real estate analytics firm reported that prices for homes in the Santa Ana-Anaheim-Irvine area fell by 5.5 percent in September, compared to the same time last year. In the previous month, prices fell by an adjusted figure of 4.3 percent compared to August 2010. These figures include distressed sales, such as short sales and real estate owned transactions.
"Even with low interest rates, demand for houses remains muted. Home sales are down in September and the inventory of homes for sale remains elevated. Home prices are adjusting to correct for the supply-demand imbalance and we expect declines to continue through the winter," said Mark Fleming, CoreLogic’s chief economist. “Distressed sales remain a significant share of homes that do sell and are driving home prices overall.”
On the national level, home prices fell 1.1 percent in September from August, the second consecutive month of decline following August’s dip of 0.4 percent, the first such decrease in four months.
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