Industry NewsMarkets & Economy

6 straight months of home-price declines

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U.S. home prices fell for the sixth straight month in January as negative equity limited the mobility of homeowners, and weak demand and an overhang of shadow inventory continued to pressure home prices, data aggregator CoreLogic said today.A home-price index compiled by CoreLogic showed national home prices down 5.7 percent from a year ago -- an even steeper decline than the 4.7 percent year-over-year drop seen in December.January's decline brought the drop in home prices from their April 2006 peak to 32.8 percent, CoreLogic said.When distressed sales are excluded from the index, however, the index showed home prices declining by 1.6 percent in January and 3.2 percent in December, to 22.2 percent below peak.The five states with the greatest depreciation were Idaho (-15.7 percent), Alabama (-12.1 percent), Arizona (-11 percent), Oregon (-9.9 percent) and Utah (-9.8 percent).The five states with the highest appreciation were West Virginia (5.5 percent), North Dakota (3.3 percent), New Y...