Home prices across the country declined 10.4 percent in October compared to a year ago, representing nine consecutive months of depreciation, but a slight improvement over September which showed an 11.2 percent decline. Early preview data for November indicate continued improvement with an anticipated decline of 9.6 percent, according to First American CoreLogic and its LoanPerformance Home Price Index (HPI).
The October HPI shows that home prices have now maintained a steady annualized depreciation rate of between 10 and 11 percent for nine months in a row. Using the LoanPerformance HPI, the Federal Reserve estimates that the total value of all properties has declined by over 2 trillion dollars over the last 12 months ended in Q3 2008.
Source: First American CoreLogic
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