HPI Finds Home Prices Down in 42 States

Meanwhile, the latest LoanPerformance Home Price Index reports that home prices in 42 states showed a three-month decrease in March and that 90% of the statistical areas studied had inflation-adjusted price declines. Los Angeles-Long Beach-Glendale topped the index's list of statistical areas experiencing three-month home price declines, recording a 7.41% decrease. Cleveland-Elyria-Mentor ranked second with a 7.38% decline, and Oakland-Fremont-Hayward (Calif.) finished third at 7.33%. "Two-thirds of all states now show year-over-year real estate declines, according to this latest LoanPerformance HPI release," said Mark Fleming, chief economist of First American CoreLogic, the Santa Ana, Calif.-based company that compiles the index. "Although only one-third of [Core-Based Statistical Areas] are depreciating on a nominal basis, on an inflation-adjusted basis 90% of CBSAs are experiencing real price declines." The LoanPerformance HPI provides monthly home price indices and median sales prices covering 7,523 ZIP codes and 670 counties in all 50 states and the District of Columbia, the company said. First American CoreLogic can be found online at http://www.facorelogic.com.