Report: 8 straight months of year-over-year decline for CoreLogic’s Home Price Index

House prices are down year-over-year for the eighth straight month.According to a recent report from CoreLogic, the company's Home Price Index showed a year-over-year decline for home prices for the eighth consecutive month.National home prices, which include distressed sales, fell 7.5 percent year-over-year from March 2010 to March 2011. In February, the year-over-year decline was softer at 5.8 percent. Removing distressed sales from the equation, year-over-year prices were still down by 0.96 percent in March and 2 percent in February.”Last year the first-time homebuyer tax credit pulled a significant number of sales forward and, to an extent, artificially supported prices. So, absent the tax credit, it is understandable that we see prices continue to decline when compared with last year,” said Mark Fleming, chief economist with CoreLogic. “As we move further away from that support, we will see a leveling of prices and eventually organic improvements in the market.”Regarding Houston real estate, the value of single family homes, including distressed properties, dropped 2.7 percent year-over-year. When holding distressed properties out of the equation, single-family Houston properties showed an improvement of 5.1 percent. As a whole, however, the values of Texas properties were down 2.4 percent and up 2.8 percent, respectively. ?Courtesy of 2M Realty News

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