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Home prices dip for seventh straight month

CoreLogic report finds home prices fell almost 7 percent in February.

CoreLogic report finds home prices fell almost 7 percent in February.

Despite a jobs report last week that found the unemployment rate dipped 8.8 percent in February thanks to over 200,000 jobs being added, a new CoreLogic report indicates that home prices in the U.S. fell for a seventh month in a row.

Compared to 2010, the report found that home prices dipped 6.7 percent, largely due to the high number of distressed properties that were sold.

In fact, were it not for the foreclosed homes, CoreLogic's Mark Fleming says the market is actually becoming more balanced.

"We're seeing a significantly reduced pace of depreciation and greater stability in many markets," said Fleming.

Indeed, several states showed signs of life in the number of people moving there, as home appreciation values were up in West Virginia, New York, North Dakota, Maine and Alaska. But home values depreciated quite significantly in other markets, as Idaho, Arizona, Florida, Michigan and Illinois prices dropped by an average of more than 10 percent for each.

These figures are including distressed properties, which is perhaps a more accurate representation of the real estate market, as a recent survey found approximately one in four homeowners are behind on their mortgages.