When foreclosure and short sales are excluded from the CoreLogic home price index, it shows that values declined just 0.6% over the 12 months ending Nov. 30.

“With one month of data left to report, it appears that the healthy, non-distressed market will be very modestly down in 2011," said CoreLogic chief economist Mark Fleming.

However, distressed sales comprise about one-third of existing home sales and continue to put downward pressure on home values.

CoreLogic reported Monday that its HPI – including distressed sales – fell 1.4% in November after a 1.3% decline in October.

Overall, the HPI has declined for four consecutive months and is down 4.3% from a year ago.

"Distressed sales continue to put downward pressure on prices, and is a factor that must be addressed in 2012 for a housing recovery to become a reality,” Fleming said.

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