ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 11/08/2011 PM EDITION
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U.S. single-family home prices declined on both a monthly and annual basis in September — the second straight month that property data firm CoreLogic reported a decline in both measures. CoreLogic’s price index fell 4.1 percent year over year and dropped 1.1 percent on a month-to-month basis in September, according to a company report released today. That follows a 4.4 percent annual decline and a revised 0.3 percent monthly decline in August.
Excluding distressed sales, defined as short sales and real estate owned (REO) sales, the national index fell 1.1 percent year over year in September and fell a revised 2.2 percent year over year in August. In a statement, Mark Fleming, CoreLogic’s chief economist, said the company expects “declines to continue through the winter.”
“Distressed sales remain a significant share of homes that do sell and are driving home prices overall,” he added. Among the 10 most populous metropolitan areas in the country, all but two saw index declines in September: Washington, D.C.; and New York-White Plains-Wayne, N.Y.-N.J. When distressed sales were excluded, half experienced index declines.
As in August, 38 states experienced year over year index drops in September. Eight states and Washington, D.C., saw index rises of more than 1 percent. West Virginia led the way with a 7 percent annual rise.
At the other end of the spectrum, Nevada was the only state to see a double-digit index drop in September, down 12.4 percent. When distressed sales were excluded, 33 states and Washington, D.C., saw flat or rising home prices.