Case-Schiller data on the top 20 cities recently showed that home prices in these markets continue to plunge. The overall pattern nationwide was confirmed by data from January released by CoreLogic. The research firm’s new report shows national home prices, including distressed sales, declined on a year-over-year basis by 3.1 percent in January 2012 and by 1.0 percent compared to December 2011, the sixth consecutive monthly decline.
The data also confirm that the problem in the hardest hit states has not improved. For the most part, homes in these areas continue to fall more rapidly than in the balance of the US.
The five states with the largest peak-to-current declines including distressed transactions are Nevada (-60.1 percent), Arizona (-50.8 percent), Florida (-49.0 percent), California (-43.6 percent) and Michigan (-43.2 percent).
Most of those peaks were reached in 2006, when the housing bubble began to collapse. The prices in markets like Nevada may have fallen enough that, because of large inventories, high unemployment, and soaring foreclosures rates may never recover.
CoreLogic presented its data from the January month
| January 2012 12-Month HPI Change by State | ||
|---|---|---|
| Single Family Combined | Single Family Combined Excluding Distressed | |
| National | -3.1% | -0.9% |
| Illinois | -8.7% | -2.6% |
| Nevada | -8.0% | -6.7% |
| Delaware | -7.9% | -5.5% |
| Alabama | -7.7% | -2.3% |
| Georgia | -7.5% | -3.3% |
| Wyoming | -6.0% | 1.0% |
| Ohio | -5.6% | -1.1% |
| Rhode Island | -5.6% | -0.8% |
| Minnesota | -5.1% | -4.1% |
| Connecticut | -4.8% | -2.8% |
| California | -4.8% | -0.9% |
| Washington | -4.8% | -1.1% |
| Vermont | -3.8% | -0.9% |
| Louisiana | -3.6% | 1.6% |
| New Jersey | -3.3% | -3.5% |
| Wisconsin | -3.0% | -1.4% |
| Missouri | -2.8% | -2.6% |
| New Mexico | -2.6% | -1.5% |
| Maryland | -2.5% | -2.0% |
| Maine | -2.3% | 2.2% |
| Pennsylvania | -2.2% | -1.2% |
| Oregon | -2.1% | -0.9% |
| Massachusetts | -2.0% | 1.4% |
| Tennessee | -1.5% | -0.6% |
| Kentucky | -1.4% | -0.8% |
| Iowa | -1.3% | -1.0% |
| Kansas | -1.2% | 0.9% |
| Oklahoma | -1.0% | 0.1% |
| Idaho | -0.5% | -1.7% |
| Texas | -0.4% | 1.9% |
| New Hampshire | -0.2% | 1.7% |
| Utah | -0.1% | 1.7% |
| Indiana | -0.1% | 2.7% |
| Colorado | 0.1% | 1.8% |
| Hawaii | 0.1% | 0.6% |
| Arkansas | 0.2% | -0.9% |
| North Carolina | 0.3% | 0.9% |
| Virginia | 0.4% | 1.4% |
| Arizona | 0.6% | -1.4% |
| Mississippi | 1.2% | -0.7% |
| New York | 1.4% | 1.5% |
| District of Columbia | 1.6% | 0.6% |
| Nebraska | 1.7% | 1.4% |
| Florida | 1.8% | 1.2% |
| Alaska | 2.2% | 3.7% |
| South Carolina | 2.8% | 1.6% |
| Michigan | 3.0% | 0.2% |
| Montana | 3.6% | 5.9% |
| North Dakota | 4.0% | 3.8% |
| West Virginia | 4.0% | 2.7% |
| South Dakota | 5.7% | 6.4% |
Source: CoreLogic.
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