U.S. home values rise; Fresno home prices drop

Written by Michael Kincheloe, The Business Journal

Overall home prices in the U.S. have risen ever-so-slightly during the last month while home prices in Fresno have continued to drop considerably.

CoreLogic, a corporation that provides financial, property and consumer information, released its May Home Price Index this week, showing that home prices in the U.S. increased on a month-over-month basis by 0.8 percent in May 2011 compared to April 2011, the second consecutive month-over-month increase.

The month-over-month increase included distressed sales, which take into account homes that have been subject to foreclosure. On a year-over-year basis, home prices nationwide declined by 7.4 percent between May 2010 and May 2011. When distressed sales were excluded, the decline was 0.4 percent over the same period.

“Two consecutive months of month-over-month growth and continued relative strength in the non-distressed market segment are positive seasonal signs in the housing market,” said Mark Fleming, chief economist at CoreLogic. “Nonetheless, the fragile economic recovery is still critical to the long-term recovery in the housing market.”

Home prices in Fresno, including distressed sales, declined by 12.81 percent between May 2010 and May 2011. When distressed sales were excluded, year-over-year prices declined by 7.62 percent.

Home prices in New York, including distressed sales, had the highest appreciation, at +4.4 percent, with home prices in Idaho having the greatest depreciation at -16.4 percent. When distressed sales were excluded, home prices in West Virginia had the highest appreciation, at +10.1 percent, and home prices in Nevada had the greatest depreciation, at -9.8 percent.

California’s home prices, including distressed sales, were at -6.2 percent, but when distressed sales were excluded, the state’s home prices rose to +1.1 percent.

URL to original article: http://www.thebusinessjournal.com/real-estate/10331-us-home-values-rise-fresno-home-prices-drop

For further information on Fresno Real Estate check: http://www.londonproperties.com