California home prices were falling at a 28.85% annual rate in late October, worst decline in the nation, reports First American LoanPerformance. It's the 18th consecutive month that California has taken that dubious honor.
Following California was Nevada (-24.54%); Arizona (-20.41%); Florida (-16.12%); Rhode Island (-13.30%) and Hawaii (-12.69%.) Best in the nation was West Virginia, up 4.96%.
FALP uses the "paired sales" method to determine valuations, tracking gains or losses on individual homes sold vs. tracking, say, a movements in the overall median selling price in a given period. (Comparison: DataQuick, which tracks medians, said California prices were falling at a 34.4% rate in October.)
One glimmer of hope for Californians was that late October's rate of decline was down for the second straight month, leaving the loss rate at its lowest since May.
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