Reports: Home prices to keep falling

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Inman Connect San Francisco, Jul 17-20, 2018

National home prices fell 11.3 percent from a year ago in August, and recently reported layoffs are likely to push foreclosure-related filings past the 3.2 million mark this year, First American CoreLogic said in releasing its latest home-price index. Year-over-year nominal home-price declines -- changes over a 12-month period, unadjusted for inflation -- have held steady at around 11 percent for three consecutive months, said Mark Fleming, chief economist for First American CoreLogic. There's no reason to expect any improvement and, if anything, things could get worse, Fleming said. "The current assessment is that we expect house prices to maintain their steady state or potentially begin to further accelerate downward in light of the economic pressures," Fleming said in a statement. "No news currently points to an expectation for an improvement in price levels in the near term." Although First American CoreLogic's projection for pre-foreclosure and fore...