Index Finds Home Price Declines in 28 States

Home prices in 28 states showed year-over-year declines in January in the LoanPerformance Home Price Index, according to First American CoreLogic, San Francisco. However, Damien Weldon, the company's vice president of collateral and prepayment analytics, pointed out that on a quarter-over-quarter basis there are now 36 states with decreasing property values. "Regionally, it is notable that the three-month declines in the New York-White Plains, Philadelphia, Seattle, Detroit, and Portland [Ore.] are steeper than the 12-month declines in these areas, whereas in California and Florida this pattern is reversed," Mr. Weldon said. The index incorporates more than 30 years of repeat sales transactions from the company's property database. First American CoreLogic can be found online at http://www.facorelogic.com.