Industry NewsMarkets & Economy

Price declines spread to more markets

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More markets are seeing home-price declines, but the severity of the declines appears to be moderating, according to a quarterly forecast of mortgage risk compiled by First American CoreLogic. A "moderating trend" in price declines over the last two quarters "indicates that the house-price rate of decline is slowing down, a first step toward the bottoming out of price declines," First American CoreLogic's third-quarter CoreMortgageRisk Monitor concludes. The increasing stock of real estate-owned properties, the economy and inflationary risks could still spell trouble, "but for now we view the trend data as a glimmer of hope for the market." Home prices in 380 markets tracked by the forecast fell by an average of nearly 11 percent from a year ago. Nearly 200 markets saw price declines, up from 176 in the second quarter and 143 in the first quarter. While more markets are seeing price declines, the most severe declines remain concentr...