Home prices have fallen nearly 4% from October 2009 to October 2010, according to CoreLogic's housing price index, which includes sales of foreclosed properties. Since July, the HPI has declined for three consecutive months.
"We are continuing to see the weakness in home prices without artificial government support in the form of tax credits," said Mark Fleming, chief economist for CoreLogic.
Five states with the highest appreciation of prices are: North Dakota (4.61%), West Virginia (3.43%), Vermont (2.59%), Maine (1.97%) and Wyoming (1.93%).
The five states with the greatest depreciation in prices are: Idaho (15.06%), Alabama (9.30%), Oregon (8.50%, Arizona (8.25%) and Florida (8%).
Fleming noted that unemployment remains at stubbornly high levels, noting that home prices generally decline in the fall and winter months.
"When you combine these factors with high shadow and visible inventories, the prospect for a housing recovery in early 2011 is fading," he said.
