Annual home-price growth seen in 31 states

The housing slowdown hadn't produced annual price declines in 31 states as of last November, according to the latest home-price index from First American CoreLogic.

States like California, Florida, Nevada and Arizona -- where prices shot up during the housing boom -- and 15 other states saw prices slide from November 2006 levels. But prices were up in a majority of states -- at least when looking back at the previous 12 months.

First American CoreLogic's LoanPerformance Home Price Index (HPI) includes data on repeat sales through mid-December. But the company did not make those statistics available in a press release, or provide quarterly data that would indicate more recent trends.

According to a government index that excludes transactions involving homes with mortgages above the $417,000 conforming loan limit, home prices fell in 21 states during the third quarter, leading to the first quarterly decline in average U.S. home prices in 13 years (see Inman News story.)

That report, from the Office of Federal Housing Enterprise Oversight (OFHEO), showed year-over-year price declines in an increasing number of markets during the third quarter -- 89, compared with 67 in the second quarter, according to an analysis by PMI Mortgage Insurance Co.

PMI's analysis concluded that the odds of price declines during the next two years increased in all but 11 of the nation's 50 largest housing markets.

LoanPerformance HPI*

Source: First American CoreLogic

*First American CoreLogic's LoanPerformance Home Price Index is based on home-price indices and median sales prices covering 7,462 ZIP codes, 956 Core Based Statistical Areas (CBSA), and 662 counties in all 50 states and the District of Columbia.

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