NEW YORK Aug 18 U.S. home prices appear to be
stabilizing across the country even as foreclosures mount,
First American CoreLogic said in its June 2008 LoanPerformance
Home Price Index (FAF.N) released on Monday.
"As of June, nominal home prices declined 10.7 percent from
a year ago," Mark Fleming, chief economist for First American
CoreLogic said in a press release.
However, while nominal home price declines have stabilized
in the 10 to 11 percent range for several months, a surge in
inflation means real, or inflation-adjusted, home prices are
still declining at an accelerating rate, he said.
Fleming said given their home price expectations for the
remainder of the year, they expect 2.7 million preforeclosure
and foreclosure filings in 2008, up nearly 50 percent from
Between April and June, home price declines were flat,
falling by an average of 10.8 percent, but real home price
declines accelerated to 16.8 percent in June from 15.3 percent
in April, he said.
"Thirty-seven states are experiencing nominal price
declines, which is the same as last month," Fleming said.
California and Nevada are experiencing the largest drops,
declining more than 20 percent from a year ago, while Arizona
and Florida decreased more than 17 percent. Several New England
and Midwestern states have declined between 9 and 13 percent
during the last year, he said.
First American CoreLogic, a member of The First American
Corp (FAF.N), provides residential mortgage data and analytics
for the mortgage industry and Wall Street.
Although nominal prices have moderated overall, the
moderation is occurring for a few select states. With the
exception of Florida, the top five and bottom five states in
terms of price appreciation continue to experience larger
declines and smaller increases relative to the last few months,
(Reporting by Julie Haviv; Editing by Tom Hals)