U.S. home prices fell 1.5% in March after declining 2.1% in February, according to the newly released CoreLogic house price index, which includes foreclosure and short sales.
The analytics firm noted that home values declined for the eighth consecutive month – even though interest rates have remained at or near their historic lows.
Overall, prices are down 7.5% since March of 2010, mainly due to the large number of seriously delinquent loans and foreclosed properties hanging over the market.
Distressed transactions accounted for 39% of first quarter sales, according to the National Association of Realtors with many investors buying with cash as opposed to using a mortgage.
Excluding REO and short sales, the CoreLogic HPI is down only 1% since March 2010.
