Monday, February 06, 2012SANTA ANA, Calif. -- Home prices in the Youngstown-Warren-Boardman, Ohio metropolitan area, including distressed sales, declined 5.5% in December from a year earlier, and were down 6.0% the month before from November 2012, CoreLogic reported in its December home price index .
Excluding distressed sales, year-over-year prices increased by 0.4% in December 2011 compared to December 2010 and increased by 0.7% in November 2011 compared to November 2010, the monthly report also showed.
According to the index, home prices in the United States, including distressed sales, decreased 4.7% in 2011 compared with December 2010. The year-end report showed that home prices continued the trend of year-end decreases -- this year marked is the fifth consecutive year with a decrease in the index. Excluding distressed sales, the index showed that home prices decreased by 0.9% in 2011.
Ohio was among the five states with the highest depreciation in home prices, including distressed sales, -7.%. The other four states were Illinois (-11.3%), Nevada (-10.6%), Georgia (-8.3%) and Minnesota (-7.5%). Including distressed sales, the five states with the highest appreciation were Montana (+4.4%), Vermont (+4.0%), South Dakota (+3.1%), Nebraska (+2.5%) and New York (+1.7%).
The report also showed that national home prices including distressed sales decreased 1.4% on a month-over-month basis, the fifth consecutive monthly decline. However, the index excluding distressed sales posted its first month-over-month gain since July 2011, rising 0.2%. The December drop in home prices followed a decline of 4.3% in November 2011 compared to November 2010. Excluding distressed sales, year-over-year prices declined by 2.0% in November 2011 compared to November 2010. Distressed sales include short sales and real estate owned transactions.
"While overall prices declined by almost 5% in 2011, non-distressed prices showed only a small decrease. Until distressed sales in the market recede, we will see continued downward pressure on prices," said Mark Fleming, chief economist for CoreLogic.
Published by The Business Journal, Youngstown, Ohio.