Home Prices Fall Like Bricks

Source: facorelogic.com

The Orlando-Kissimmee area experienced the sixth largest decline in home values when compared to major metropolitan areas, according to a recent report by First American CoreLogic.

Home values fell 24.9 percent in Orlando-Kissimmee in May 2009, when compared to May 2008.

Florida, meanwhile, ranked second only to Nevada in the nation, as home prices declined by 25.5 percent in May 2009, when compared to one year ago.  Home prices in Nevada and California declined by 26.4 percent and 19.8 percent, respectively over the same period.

According to the report, Florida is only one of two states that is not currently showing signs of moderation or improvement in declines among states experiencing the largest home price decreases.

Nationally, housing prices fell 9.2 percent in May compared to one year ago, representing the smallest year-over-year decline recorded in 2009 and the lowest since December 2007, according to data from First American CoreLogic and its Loan Performance Home Price Index (HPI).  May’s decline was a 0.5 percent improvement over the 9.7 percent decline in April.

The First American CoreLogic Loan Performance Index (HPI) incorporates more than 30 years worth of repeat sales transactions, price, time between sales, property type and loan type.  The Index tracks increases and decreases in sales prices for the same home over time, thus providing more accurate pricing trends than basing analysis on all home sales.

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