Industry NewsMarkets & Economy

Quarterly home-price declines seen in 36 states

OFHEO index finds national prices up 0.6% in February

Home prices fell in 36 states during the three months ending in February, while 28 states saw year-over-year price declines, according to a house-price index compiled by First American CoreLogic. The LoanPerformance House Price Index showed that three-month declines in the New York-White Plains, Philadelphia, Seattle, Detroit and Portland markets were steeper than the 12-month declines in these areas. In California and Florida, the pattern is reversed. The LoanPerformance HPI relies on repeat sales transactions representing more than 45 million observations from First American CoreLogic's information database. Another monthly index released today by the Office of Federal Housing Enterprise Oversight (OFHEO) found that nationwide, home prices rose about 0.6 percent on a seasonally adjusted basis between January and February. Prices were up in seven of nine Census tracts, with prices falling in only the Mountain and South Atlantic tracts. OFHEO's index relies on data coll...