Industry News

California, Florida top list with local market price declines

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Home prices fell in 21 states from October 2006 through October 207 and dropped in 21 of 31 major metro areas reported in a study released today by First American Corp.'s LoanPerformance. The price of single-family detached homes tumbled 15.7 percent in the Riverside-San Bernardino-Ontario, Calif., market area from October 2006 to October 2007, according to the LoanPerformance Home Price Index, which analyzes data for repeat sales transactions. And six of the eight local market areas tracked in the report that experienced double-digit price declines from October 2006 to October 2007 are in Florida or California, based on single-family detached housing sales data. Las Vegas and Phoenix also saw a double-digit drop in home prices during the study period. California, Florida, Nevada and Arizona also appear in the top-10 list of states with the highest rate of foreclosure filings in the nation during November, released today by real estate data company RealtyTrac. The U.S. O...