In November U.S. home prices declined for the fourth month in a row, a sign that housing markets are still on shaky ground, according to new figures released by CoreLogic, Santa Ana, Calif.
According to the analytic firm's home price index, national home prices — which include distressed sales — declined by 5.07% in November compared to the same month a year earlier. Compared to October, prices fell 3.4%.
But when distressed sales are excluded from the equation, home values fell 2.21% in November compared to the year ago, and 2.24% compared to October.
"We're continuing to see the influence of seasonal declines that typically depress home prices during the latter part of the year, but the fact that the rate of decline increased for November is indicative of the uphill battle we're facing with the housing recovery," said Mark Fleming, chief economist for CoreLogic.
With distressed sales factored in, states with the greatest price declines include: Idaho (-13.56%), Alabama (-11.18%), and Arizona (-10.38%).
States with the biggest gains were: Maine (up 8.58%), North Dakota (4.41%), and Wyoming (3.67%)