BrokerageIndustry News

Home-price index falls 4.4% in August

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U.S. single-family home prices declined 4.4 percent year over year in August, with Nevada and Arizona experiencing double-digit percentage declines and West Virginia seeing the largest increase, up 8.6 percent, according to an index by property data firm CoreLogic. Excluding distressed sales, including short sales and real estate owned (REO) sales, the national index fell 0.7 percent year over year in August. On a month-to-month basis, the index dropped 0.4 percent in August, which was the first such decline in four months, CoreLogic reported. Thirty-eight states experienced a year-over-year drop in the index in August, while half the states and Washington, D.C., experienced a year-over-year index rise when distressed sales were excluded. West Virginia posted a 10.7 percent year-over-year rise in the index, excluding sales of distressed properties. The index incorporates 30 years of data for repeat sales transactions, and "price, time between sales, property type, loa...