Fresno home prices decrease again

Written by Business Journal staff

Fresno home prices continue to fall according to a home price index just released by CoreLogic, a provider of consumer, financial and property information for business and government.

In Fresno, home prices, including distressed sales, declined by 10.8 percent in October of 2011, compared to October of 2010 and declined by 10.9 percent in September 2011, compared to September of 2010.

Excluding distressed sales, year-over-year prices declined by 8.5 percent in October of this year, compared to October of 2010 and by 9.5 percent in September of 2011, compared to September of last year.

The index shows that home prices in the U.S. decreased 1.3 percent on a month-over-month basis, the third consecutive monthly decline. They declined by 6.2 percent in California.

“Home prices continue to decline in response to the weak demand for housing,” said Mark Fleming, chief economist for CoreLogic. “While many housing statistics are basically moving sideways, prices continue to correct for a supply and demand imbalance. Looking forward, our forecasts indicate flat growth through 2013.”

Including distressed sales, the five states with the highest appreciation were: West Virginia at 4.8 percent, South Dakota at 3.1 percent, New York at 3 percent, District of Columbia at 2.4 percent and Alaska at 2.1 percent.

Including distressed sales, the five states with the greatest depreciation were: Nevada at -12.1 percent, Illinois at -9.4 percent, Arizona at -8.1 percent, Minnesota at -7.9 percent and Georgia at -7.3 percent.

URL to original article: http://www.thebusinessjournal.com/real-estate/12395-fresno-home-prices-decrease-again

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