Industry News

Q4 home prices fall in 76% of U.S. ZIP codes tracked

Index shows price drops in nearly all California areas

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Home prices fell during the fourth quarter in 76 percent of the 7,472 ZIP codes tracked by mortgage data aggregator First American CoreLogic. While just over half of ZIP codes nationwide saw prices decline for the year, trends varied widely by state. For the year, prices fell in 98 percent of California ZIP codes, compared to 51 percent in New York, First American said in announcing the release of the December 2007 LoanPerformance Home Price Index. During the fourth quarter, prices declined in 30 of the top 34 markets tracked by the index, and all but 10 of those markets saw year-over-year price declines, the index showed. The LoanPerformance Home Price Index is based on repeat transactions and relies on more than 45 million observations in First American CoreLogic's property information database. Quarterly price changes in top markets Core-based statistical area (CBSA) 3-month change, percent 1-year change, percent Austin-Round Rock, Texas 0.91 8.09 New...