The housing market continues to take a beating, as the latest Housing Market Index shows home prices have dropped for a fourth straight month. That's good news for homebuyers, but bad news for home owners.
According to CoreLogic
, home prices fell by 5 percent in the month of November 2010, the latest month available, compared to November 2009. Not including distressed sales - or sales that tend to be lower priced because of rundown conditions - the fall wasn't quite as precipitous at 2.2 percent.
"The fact that the rate of decline increased for November is indicative of the uphill battle we're facing with the housing recovery," said Mark Fleming, chief economist for CoreLogic.
The news wasn't all bad, though. Several states saw appreciations in home values, specifically Maine, where values increased 8.5 percent compared to November 2009. North Dakota, Wyoming, New York and Vermont also saw gains in the month of November. The South and West were hardest hit, as Alabama home values depreciated 11 percent and Idaho a whopping 13.5 percent.
Other reports are in line with the Housing Market Index. Standard & Poor's Case-Shiller home price index found home values fell 0.8 percent in November.