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Home price index down for second straight month

For the second straight month, the Home Price Index for American homes has fallen.

For the second straight month, the Home Price Index for American homes has fallen.

After rising slightly during the first seven months of the year, CoreLogic released their Home Price Index for September, and the results show that home prices in the United States are moving downward for the second month in a row.

Compared to September 2009, national home prices have declined 2.79 percent in September 2010, according to the report, also noting that when excluding distressed sales, year-over-year prices declined 0.73 percent in the month.

Mark Fleming, chief economist for CoreLogic, says, “We’re continuing to see price declines across the board with all but seven states seeing a decrease in home prices.” He added the persistent decline will have an effect on negative equity and continue to slow the recovery of the housing market.

CoreLogic HPI results show the top five states with the greatest depreciation, including distressed sales, were Idaho, which saw a 14.04 percent decline, along with Alabama, Mississippi, Florida and New Mexico.

The high depreciation rates in homes may have also impacted the number of new homes being built. Commerce Department statistics show the number of single-family homes starting to be built in October dropped to an annual rate of 436,000, and multi-family homes fell to a rate of 83,000, the slowest rate since February.