Housing values fell during the last five months of 2010, but year-over-year were unchanged, according to CoreLogic's new home price index, which includes sales of foreclosed properties.

Prices rose during the first-half of 2010, and then began their descent during the rest of the year.

"It was a bumpy ride which ended with a net gain/loss of zero," said CoreLogic's chief economist Mark Fleming.  Home values fell 12.7% in 2009. "We are encouraged that on an annual basis we're unchanged relative to a year ago."

However, values have been falling since July. On Tuesday, CoreLogic reported that prices fell 5.46% in December following a 4.39% decline in November.

The CoreLogic HPI includes distressed sales, which comprised 36% of transactions that closed in December, according to a National Association of Realtors' survey.  Foreclosures accounted for 24% of single-family, condominium, and cooperative sales. Roughly 12% were short sales.

NAR economists expect distressed sales will make up about 33% of home purchases in 2011, about the same as last year.

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