Home prices fell 1.1% in September after falling 1.2% in August, according to the just released CoreLogic house price index.
"The September HPI shows that home prices in the U.S. declined for the second month in a row after rising slightly for the first seven months of the year," the CoreLogic report says. The Santa Ana, Calif., firm collects and analyzes property and mortgage data.
House prices have declined by 2.8% since September 2009, according to the CoreLogic HPI, which is not seasonally adjusted and includes distressed sales. Excluding distressed sales, prices are down 0.73% from a year ago.
"We're continuing to see price declines across the board with all but seven states seeing a decrease in home prices," said Mark Fleming, chief economist for CoreLogic. "This continued and widespread decline will put further pressure on negative equity and stall the housing recovery."
The seven states that have experienced year-over-year price appreciation are: New York, North Dakota, California, Nebraska, Virginia, Alaska and Maine.
