Home prices fell 1.5% August compared to a year ago, according to the newly released CoreLogic house price index, which registered it first annual decline this year.
The decline in the CoreLogic HPI — which is not seasonally adjusted and includes distressed sales — came after sequential declines in July and August. Home prices fell 1.24% in August after falling 0.28% in July.
"Pricing declines are geographically expanding as 78 out of the largest 100 metropolitan areas are experiencing declines, up from 58 a month ago," said Mark Fleming, chief economist for CoreLogic.
From April 2006 to August 2010, the CoreLogic HPI is down 28.2%. The Santa Ana, Calif., firm collects and analyzes property and mortgage data.
On Tuesday morning, the Standard & Poor's/Case-Shiller house price index will be released.
