NEW YORK Nov 7 U.S. home prices fell in
September for a second month in a row, pressured by weak demand
and cheap distressed sales, data analysis firm CoreLogic Inc
said on Monday.
CoreLogic's home price index slipped 1.1 percent
from the month before. Compared to September of last year,
prices were down 4.1 percent, though this was an improvement
from the 4.4 percent year-over-year decline seen in August.
Excluding distressed sales, prices were down 1.1 percent
from a year ago.
"Even with low interest rates, demand for houses remains
muted," Mark Fleming, chief economist at CoreLogic, said in a
"Home prices are adjusting to correct for the supply-demand
imbalance and we expect declines to continue through the
winter. Distressed sales remain a significant share of homes
that do sell and are driving home prices overall."
Of the top 100 statistical areas measured by population, 82
showed yearly decreases, the same amount as in August.