House prices continue decline....but more slowly according to Jeff Collins of the Register

House prices continue to fall from year-ago levels but the rate of decline is slowing, a possible sign that price drops are approaching bottom, said Santa Ana-based First American CoreLogic’s latest Home Price Index. The index shows: •Orange County house prices fell 12.5% in April from the year before. •That’s the smallest percentage decline since November 2007. •Price drops were greatest here in July, when the house price fell nearly 22.9%. •The rate of decline has been decreasing, more or less, since then. •Orange County’s percentage drops in home prices ranked 18th out of 35 U.S. metro areas. •The Inland Empire had the biggest percentage drop in April: -29.6%. •Miami and Las Vegas had the second- and third-highest percentage drops at -29.5% and -27.7% respectively. The trend is similar for the nation as a whole, First American reported. National housing prices fell 10.2% in April, which also was the smallest year-over-year decline this year. Price decreases peaked at -18.1% in August and have been shrinking since, the real estate data firm reported. California, which ranked No. 1 in price declines among states for 20 consecutive months, moved into third place in April. Home prices fell 22.7% in April. Nevada replaced California in the No. 1 spot with a 26.1% decline in April, followed by Florida at -23.2%. Said Mark Fleming, chief economist of First American CoreLogic: “There is still a great deal of uncertainty with the housing market and the economy in general. But the rate of change in home price declines is beginning to show signs of not only a bottoming, but an improvement in both nominal and real terms, which is the more important indicator because real prices adjust for the distortions caused by inflation or deflation.” In other real estate news … •Grand opening nears after 2-year delay •House listings index lowest in 3 1/2 years •179,000 O.C. homes won’t see taxes go up •Insider Q & A told building turnaround not expected until 2012 •Vegas tycoon buys Emerald Bay home for $28 million •$10 million discount offered for Balboa home •Orange County’s 10 priciest home sales •Mall getting $100 million makeover •Realtors report 10% jump in O.C. house prices •Could be worse! LA/OC housing ranks 88 of 100 •Builder’s losses entering 3rd year •Fed trims emergency lending •Mortgage applications rose on dip in rates •Foreclosures create opportunity for HOA firm •Agent: Short sales now go ‘a lot faster’ •Can you make $$ as an Irvine landlord? •Lose your job? These folks can pay your mortgage Posted in: Home prices • Top tale • First American • numbers | You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed. 10 Comments