Daily Real Estate News | August 22, 2008Home Prices Are Down, but Stabilizing
U.S. home prices appear to be stabilizing even as foreclosures increase, says First American CoreLogic, a mortgage analysis company that released its home price index Monday.
Thirty-seven states are experiencing nominal price declines, which is the same as last month.
Nationwide, home prices declined 10.7 percent from June 2007 to June 2008. And home owners also are facing rising inflation, which makes declines more troublesome, says Mark Fleming, chief economist for CoreLogic,
The worst declines are in California and Nevada, where prices fell more than 20 percent year over year.
The news isn't so bad in other areas of the country where prices either fell less than 10 percent last year or they rose. Here are those metro areas:
- Minneapolis-St. Paul-Bloomington, Minn., -8.65 percent
- Chicago-Naperville-Joliet, Il., -7.25 percent
- New York-White Plains-Wayne N.Y. and N.J., -7.06 percent
- Edison-New Brunswick N.J., -6.77 percent
- Atlanta-Sandy Springs-Marietta Ga., -6.15 percent
- Detroit-Livonia-Dearborn, -5.93 percent
- Seattle-Bellevue-Everett WA. -5.10 percent
- Portland-Vancouver-Beaverton OR-WA, -5.08 percent
- Philadelphia, -3.62 percent
- Denver-Aurora CO, -2.78 percent
- Charlotte-Gastonia-Concord, N.C., -1.49 percent
- Honolulu, -0.89 percent
- Raleigh-Cary N.C., -0.48 percent
- Dallas-Plano-Irving, Texas, +1.56 percent
- San Antonio Texas, +2.12 percent
- Salt Lake City, Utah, +2.27 percent
- Houston-Sugar Land-Baytown, Texas, +3.55 percent
- Austin-Round Rock, Texas, +4.02 percent
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