Index: Home Prices Down in 28 States

Home prices in 28 states showed a 12-month decrease in February, although the number rises to 36 for states showing a decline over the previous three months, according to the latest LoanPerformance Home Price Index. Riverside-San Bernardino-Ontario (Calif.) headed the index's list of top metropolitan areas with 12-month home price declines with a 21.3% decrease. Los Angeles-Long Beach-Glendale ranked second with an 18.7% decline, and Cape Coral-Fort Myers (Fla.) finished third at 18.1%. "Regionally, it is notable that the three-month declines in 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," said Mark Fleming, chief economist of First American CoreLogic, the Santa Ana, Calif.-based company that compiles the index. The LoanPerformance HPI provides a comprehensive set of monthly home price indices and median sales prices covering 7,508 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.