Loan Performance HPI Monthly Data Update
   
National HPI for November—Home Prices Down 5.7% vs. 2008

View web version of this email.

Home Prices Continue to Depreciate

National home prices, including distressed sales, declined by 5.7 percent in November 2009 compared to November 2008, according to First American CoreLogic and its LoanPerformance Home Price Index (HPI). This was an improvement over October's year-over-year price decline of 7.6 percent.* On a month-over-month basis, however, national home prices declined by 0.2 percent in November 2009 compared to October 2009.

  • Including distressed transactions, the HPI has fallen 30.0 percent nationally through November from its peak in April 2006. Excluding distressed properties, the national HPI has fallen 21.8 percent from the same peak.
  • When distressed sales were included Nevada (-22.5 percent) remained the top-ranked state for annual price depreciation followed by Arizona (-14.9 percent), Florida (-13.7 percent), Michigan (-12.6 percent) and Idaho (-11.0 percent). All of these states also showed month-over-month decreases in their HPI.
  • Excluding distressed sales, the worst five states for year-over-year price declines changes slightly. Nevada (-19.7 percent) still holds the top spot, followed by Arizona (-14.1 percent), Florida (-12.3 percent), Michigan (-10.6 percent) and West Virginia (-9.6 percent).
  • Regardless of whether distressed transactions are included or excluded, the markets that are expected to experience the largest year-over-year declines are in the traditional industrial centers of the Midwest and Great Lakes that have been hit hardest by the current recession. Leading the list are four Michigan markets: Detroit (-13.1 percent), Sault Ste. Marie (-11.0 percent), Saginaw (-9.7 percent) and Kalamazoo (-7.8 percent).
  • The hard-hit markets of the Sun Belt are also predicted to hit their true bottom in the next 12 months, as evidenced by a substantially smaller rate in their projected price declines relative to the pace of decline in 2009. Select markets include: Las Vegas (-6.5 percent), Phoenix (-3.3 percent), Reno (-3.3 percent) and Orlando (-2.5 percent).

"On average, we are expecting home prices to turn around next spring," said Mark Fleming, chief economist for First American CoreLogic. "While the share of REO sales are down, allowing price declines to moderate, there is concern moving forward with the levels of shadow inventory, negative equity, and the ability of modification programs to mitigate this risk (more)."

*Octoberís decline was revised downward from 7.8 percent to 7.6 percent to reflect updated public record data. Revisions with public record data are standard, and to ensure accuracy, First American CoreLogic incorporates the newly released public data to provide updated results.

Most Current, Most Comprehensive HPI Data

LoanPerformance HPI monthly updates offer the quickest HPI collateral valuation information in the industry—complete HPI datasets five weeks after monthís end plus key indices for the two weeks after that—and leverage the full authority of First American CoreLogicís industry-leading real estate databases, covering 6,070 Zip codes, 519 Core Based Statistical Areas (CBSAs), and 898 counties in all 50 states and the District of Columbia.

12-Month HPI Change  
LoanPerformance HPI covers 6,070 ZIP codes, 519 Core Based Statistical Areas (CBSA) and 898 counties in all 50 states and the District of Columbia (more).  

LoanPerformance National HPI 12 Month Change: - 5.7%, Single Family Combined Series, November 2009

 
November 2009
12 Month HPI
12 Month Forecast
 
Change by State
(November 2009 - November 2010)
CBSA
Single
Family
Combined
Single Family
Combined
Excluding
Distressed
Single Family
Combined
Single Family
Combined
Excluding
Distressed
Houston-Sugar Land-Baytown TX
4.09%
-0.69%
2.53%
2.52%
Dallas-Plano-Irving TX
3.55%
-0.25%
1.24%
1.85%
Boston-Quincy, MA
1.22%
-2.21%
4.34%
Washington-Arlington-Alexandria DC-VA-MD-WV Metropolitan Division
-0.21%
-2.31%
3.35%
2.48%
Philadelphia PA
-2.98%
-2.79%
0.38%
0.66%
Atlanta-Sandy Springs-Marietta GA
-5.17%
-5.33%
-2.18%
-2.57%
Los Angeles-Long Beach-Glendale CA
-8.71%
-6.50%
2.03%
0.99%
New York-White Plains-Wayne NY-NJ
-9.71%
-6.91%
0.95%
1.80%
Chicago-Naperville-Joliet IL
-11.01%
-9.43%
4.25%
0.46%
Miami-Miami Beach-Kendall FL
-13.69%
-12.34%
0.20%
3.32%

Source: First American CoreLogic, LoanPerformance HPI, Single-Family Combined (Detached and Attached) as of November, 2009.

Download Latest Complimentary Data
To view sample HPI reports for the full months of November 2009 plus state and top CBSA-level HPI data, please click here (log-in required).

Complete Home Price Index available as part of the Real Estate Analytics Suite Web/FTP delivery platform.

More Information
For more about LoanPerformance HPI—including new LoanPerformance National HPI—please consult your representative below:

LoanPerformance Regional Managers

  New York to Washington DC Corridor/Manhattan North
  Constance Keim
(973) 226-0084 Email
 
  Southeast/Manhattan South
  Debra Donan
(908) 304-0263 Email
 
  New England
  Daniel Andrzejek
(415) 536-3553 Email
 
  West
  Charles DiMascio
(909) 593-0141 Email
 
  Midwest and Canada
  Brian Gunn
(415) 536-3537 Email

John Kleis
(262) 378-4062 Email
 
  International
  David Shaw
+44 845 527 1799 Email

This is an advertisement. To be added to or removed from this mailing list, please send us an email.