CoreLogic and Lender Processing Services
(LPS) have each released their most recent Home Price Indices. CoreLogic’s HPI covers December; LPS’s covers
the month of November. Here is a quick
review of each.
LPS found that the average home price
for transactions during November was $199.000, down 0.6 percent from the
October average. This is the fifth consecutive
month that this index has declined.
Preliminary information on December sales indicates that the HPI might
have lost another 0.8 percent during that month.
When the market peaked in June 2006 the
total value of the U.S. housing inventory covered by LPS was $10.8
trillion. The value has declined 30.6
percent to $7.5 trillion since that time.
Price changes were consistent across the
country, increasing in 13 percent of the ZIP Codes in the database. Higher priced homes had somewhat small price
declines than those in the middle and low price categories with the range from
high to low covering only 13 basis points.
CoreLogic issues two sets of indices,
one including sales of distressed properties, the other excluding those
sales. The HPI for all sales decreased
1.4 percent in December and was down 4.7 percent on an annual basis, the fifth
year in a row that this HPI has declined.
The Index covering market sales was 0.9 percent higher than in December
2010 which, Core Logic says, gives an indication of the impact distressed sales
are having on the market. The HPI excluding distressed sales posted its first month -over-month
gain since last July, rising 0.2 percent.
the top 100 Core Based Statistical Areas as measured by population, 81 showed
year-over-year declines in November compared to 80 that were down on a monthly
basis in November compared to October.