Prices in the New York Metro Area (New York-White Plains-Wayne, N.Y.-N.J. MSA) were up 0.8% in the past year, and up 2.6% if you exclude distressed properties.
Home prices fell for a seventh straight month in February as a wave of distressed properties continued to wash over the U.S. market, real-estate data company CoreLogic Inc. said Thursday.
CoreLogic’s national home price index dropped 6.7% in February, versus the same month a year earlier. The decline was bigger than the January index reading, which was 5.5% lower than a year ago.
More than three years since house prices began to collapse in the U.S., the market is still struggling to absorb millions of properties that are in foreclosure or other stages of distress. In January, CoreLogic estimated there were 1.8 million residential units lingering in the shadows of the market. Read about shadow inventory here.
Excluding distressed sales, CoreLogic said home prices fell 0.1% in February, compared to a year earlier.
Despite the continued overall decline, home prices excluding distressed properties are showing signs of stability, according to Mark Fleming, chief economist at CoreLogic.
“When you remove distressed properties from the equation, we’re seeing a significantly reduced pace of depreciation and greater stability in many markets,” Fleming said in a statement.
“Price declines are increasingly isolated to the distressed segment of the market, mostly in the form of REO sales, as the stock of foreclosures is slowly cleared,” he added.
U.S. home prices fell for the seventh month in a row during February, although price declines are increasingly concentrated in sales of distressed properties such as bank-owned homes, data aggregator CoreLogic said in releasing its home price index.
The CoreLogic home price index showed U.S. home prices down 6.7 percent from a year ago during February, a sharper decline than the 5.5 percent year-over-year drop registered in January.
Excluding distressed sales, the index was essentially flat, declining by 0.1 percent from a year ago compared to 1.4 percent in January. Distressed sales include short sales and real-estate owned, or “REO,” properties.