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Home prices decrease for third straight month

Home prices decreased for the third straight month in October.

Home prices decreased for the third straight month in October.

CoreLogic, one of the leading providers of business statistics and information, recently released its October Home Price Index, which showed a 1.3 percent decrease in home prices from the month of September.

According to the the index, this is the third straight month that there has been a decline in national home prices. The report also showed an October price decline of 3.9 percent on a year-over-year basis, including distressed sales.

“Home prices continue to decline in response to the weak demand for housing. While many housing statistics are basically moving sideways, prices continue to correct for a supply and demand imbalance. Looking forward, our forecasts indicate flat growth through 2013,” said Mark Fleming, chief economist for CoreLogic.

The decline comes after a 3.8 percent fall in September prices this year when compared to last year.

Including distressed sales, the five states that had the highest appreciation were West Viriginia, South Dakota, New York, District of Columbia and Alaska. The states with the greatest depreciation were Nevada, Illinois, Arizona, Minnesota and Georgia.

According to a recent Fannie Mae report, homeowners expect property values to improve in 2012, spurred by a increase in the employment rate. Given current low prices and this expectation of increases, those looking to relocate might be wise to seal a deal and pack up moving boxes quickly.