Estimated October Transaction Volumes Reflect Declines

While home prices continue to depreciate at a double-digit level, there seems to be some regional stabilization, according to the latest First American CoreLogic HPI report. "In September nominal home prices declined 11.2% from a year ago and our October early preview data indicates a decline of 10.5%," said Mark Fleming, chief economist for First American CoreLogic. "Home prices have now maintained an annualized depreciation rate of between 10% and 11% for eight months in a row. Thirty-four states experienced annual price declines as of September, but the geographic breadth of the declines seems to have stabilized. Our early estimate of October sales transaction volumes has declined substantially, which is not a surprise given recently released economic data and events in the credit and financial markets." The five areas with the most depreciation between last September and this September are: Oakland-Fremont-Hayward, Calif., down 29.07%; Riverside-San Bernardino-Ontario, Calif., down 28.56%; Los Angeles-Long Beach-Glendale, Calif., down 28.46%; Miami-Miami Beach-Kendall, Fla., down 27.38%; and Las Vegas-Paradise, Nev., down 26.20%. On the other hand, four Texas markets showed price appreciation over the 12-month period: Austin, followed by Houston, San Antonio and Dallas.