National home prices fell for the fifth consecutive year as they were down 4.7% at the end of 2011 compared to December 2010, according to a CoreLogic report.
However, when excluding foreclosures and short sales from the analytic provider's home price report, values only decreased 0.9% in 2011.
“Until distressed sales in the market recede, we will see continued downward pressure on prices,” said Mark Fleming, chief economist for Santa Ana, Calif.-based CoreLogic.
Of the top 100 metropolitan markets measured in this report, 81 showed year-over-year declines in December.
The five states that had the greatest appreciation in home prices were Montana (4.4%), Vermont (4%), South Dakota (3.1%), Nebraska (2.5%) and New York (1.7%). Meanwhile, the states that had the highest depreciation were Illinois (11.3%), Nevada (10.6%), Georgia (8.3%), Ohio (7.7%) and Minnesota (7.5%).
CoreLogic also found that month-over-month, home prices decreased 1.4%, representing the fifth straight month of declines. But without taking into account all of the distressed sales that are currently present nationwide, CoreLogic said property values rose 0.2% during this time.
