Home Price Index Declined For the First Time This Year: Home Prices in Salem Decrease

Salem home prices declined by -9.10 percent in August 2010.

Salem-News.com

(SANTA ANA, Calif.) - CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its Home Price Index (HPI) which shows that home prices in the U.S. declined for the first time this year. According to the CoreLogic HPI, national home prices, including distressed sales, declined 1.5 percent in August 2010 compared to August 2009 and increased by 0.6 percent* in July 2010 compared to July 2009. Excluding distressed sales, year-over-year prices declined 0.4 percent in August 2010.

Home Prices in Salem Decrease

In Salem, home prices, including distressed sales, declined by -9.10 percent in August 2010 compared to August 2009. Excluding distressed transactions, year-over-year HPI for August is -6.43 percent.

National Highlights as of August 2010

• The top five states with the highest appreciation, including distressed sales, were: Maine (+5.8 percent), New York (+3.7 percent), Connecticut (+2.5 percent), Virginia (+2.4 percent), and South Dakota (+2.1 percent).
• The top five states with the greatest depreciation, including distressed sales, were Idaho (-14.0 percent), Alabama (-10.4 percent), Utah (-7.3 percent), Oregon (-6.3 percent) and Florida (-6.2 percent).
• Excluding distressed sales, the top five states with the highest appreciation were: New York (+5.0 percent), South Dakota (+4.0 percent), Connecticut (+3.1 percent), North Dakota (+3.0 percent), and Vermont (+2.7 percent).
• Excluding distressed sales, the top five states with the greatest depreciation were: Idaho (-11.3 percent), Michigan (-7.6 percent), Arizona (-6.5 percent), Nevada (-6.3 percent) and Utah (-4.7 percent).
• Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to August 2010) is -28.2 percent. Excluding distressed properties, the peak-to-current change in the HPI for the same period is -19.6 percent.

"Price declines are geographically expanding as 78 out of the largest 100 metropolitan areas are experiencing declines, up from 58 just one month ago," said Mark Fleming, chief economist for CoreLogic.

Full-month August 2010 national, state-level and top CBSA-level data can be found at http://www.corelogic.com/About-Us/ResearchTrends/Home-Price-Index.aspx.

August HPI for the Country's Largest Core Based Statistical Areas (CBSAs):

State	August 2010 12 Month HPI Change by State
	Single Family Combined	Single Family Combined Excluding Distressed
National	-1.5%	-0.4%
Idaho	-14.0%	-11.3%
Alabama	-10.4%	-3.0%
Utah	-7.3%	-4.7%
Oregon	-6.3%	-4.3%
Florida	-6.2%	-4.0%
Arizona	-5.5%	-6.5%
Illinois	-5.5%	-3.5%
Washington	-5.1%	-4.1%
Louisiana	-4.8%	-1.2%
Missouri	-4.4%	-1.2%
Tennessee	-4.0%	-0.5%
Michigan	-3.9%	-7.6%
Pennsylvania	-3.9%	-2.3%
New Mexico	-3.5%	-3.5%
Wyoming	-3.3%	-1.3%
West Virginia	-3.2%	1.4%
Nevada	-3.1%	-6.3%
Delaware	-3.1%	-0.9%
Maryland	-2.9%	-0.1%
North Carolina	-2.8%	-1.1%
Wisconsin	-2.7%	-2.2%
Kentucky	-2.7%	-0.5%
Indiana	-2.6%	-0.8%
Kansas	-2.4%	0.7%
Ohio	-2.3%	-0.4%
New Jersey	-2.0%	-1.5%
Colorado	-1.7%	-0.2%
Georgia	-1.6%	-0.9%
National	-1.5%	-0.4%
District of Columbia	-1.5%	0.9%
New Hampshire	-1.3%	-1.1%
Oklahoma	-1.3%	-0.2%
Iowa	-1.3%	-0.2%
Minnesota	-1.2%	-1.5%
Hawaii	-1.1%	1.7%
Texas	-0.9%	0.3%
Montana	-0.8%	-2.8%
Mississippi	-0.8%	0.1%
Massachusetts	-0.8%	0.5%
Alaska	-0.5%	1.1%
Arkansas	-0.3%	-0.1%
South Carolina	0.6%	1.5%
Vermont	1.0%	2.7%
Rhode Island	1.1%	-0.1%
Nebraska	1.4%	1.6%
North Dakota	1.8%	3.0%
California	2.0%	1.6%
South Dakota	2.1%	4.0%
Virginia	2.4%	1.8%
Connecticut	2.5%	3.1%
New York	3.7%	5.0%
Maine	5.8%	-0.8%

Source: CoreLogic.

* July 2010 data was revised up from no growth to 0.6 percent. Revisions with public record data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.

Methodology:

The CoreLogic HPI incorporates more than 30 years worth of repeat sales transactions, representing more than 55 million observations sourced from CoreLogic industry-leading property information and its securities and servicing databases. The CoreLogic HPI provides a multi-tier market evaluation based on price, time between sales, property type, loan type (conforming vs. nonconforming), and distressed sales. The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, which provides a more accurate "constant-quality" view of pricing trends than basing analysis on all home sales. The CoreLogic HPI provides the most comprehensive set of monthly home price indices and median sales prices available covering 6,208 ZIP codes (58 percent of total U.S. population), 572 Core Based Statistical Areas (85 percent of total U.S. population) and 1,027 counties (82 percent of total U.S. population) located in all 50 states and the District of Columbia.