What's up [or down] with home prices
In my opinion, CoreLogic provides the most comprehensive data on home prices and I just find them to be a better source than either Case-Shiller, Zillow and some of the others who analyze home prices. CoreLogic's Home Price Index (HPI) reports a second consecutive monthly decline in September along with a year over year decline.
“Home prices in the U.S. decreased 1.1 percent on a month-over-month basis, the second consecutive monthly decline. According to the CoreLogic HPI, national home prices, including distressed sales, also declined by 4.1 percent in September 2011 compared to September 2010. This follows a decline of 4.4 percent* in August 2011 compared to August 2010. Excluding distressed sales, year-over-year prices declined by 1.1 percent in September 2011 compared to September 2010 and by 2.2* percent in August 2011 compared to August 2010. Distressed sales include short sales and real estate owned (REO) transactions.”
But, as you all know, all real estate is local. And a look at the map below clearly shows that some parts of the country are experiencing significantly sharper price declines over the past year than others (and good news for South Carolina showing only modest declines).
And even within the Charleston real estate market, location matters. Home prices in some neighborhoods have declined much more than other neighborhoods while some neighborhoods have experienced some modest price appreciation.
