National home prices were down 2.79 percent year-over-year in September, the second consecutive month a home-price index maintained by data aggregator CoreLogic registered a decline compared to the same month last year.
After rising slightly for the first seven months of the year, CoreLogic’s Home Price Index first dipped into negative territory in August, registering a 1.08 percent year-over-year decline.
The index showed national home prices down 29.13 percent in September from their April 2006 peak.
If sales of distressed properties are excluded from the index, year-over-year prices declined 0.73 percent in September, leaving them down 19.96 percent from their April 2006 peak.
"This continued and widespread decline will put further pressure on negative equity and stall the housing recovery," said Mark Fleming, chief economist for CoreLogic, in a press release.
The index showed price appreciation in only seven states in September: New York (2.67 percent), North Dakota (1.73 percent), California (0.86 percent), Nebraska (0.78 percent), Virginia (0.77percent), Alaska (0.44 percent) and Maine (0.38 percent).
The 10 states with the greatest depreciation were Idaho (-14.04 percent), Alabama (-8.9 percent), Mississippi (-8.3 percent), Florida (-7.68 percent) New Mexico (-7.47 percent), Oregon (-7.18 percent), Arizona (-7 percent), Illinois (-6.82 percent), Utah (-6.82 percent) and Missouri (-5.75 percent).
In the country’s 10 biggest markets, prices were up in half.
Markets showing year-over-year price appreciation in September included Riverside-San Bernardino-Ontario, Calif. (4.16 percent); Washington, D.C.-Arington-Alexandria, Va. (3.19 percent); Houston-Sugar Land-Baytown, Texas (1.38 percent); New York, N.Y.-White Plains-Wayne, N.J. (1.86 percent); and Los Angeles-Long Beach-Glendale, Calif. (0.19 percent).
Prices were down from a year ago in Chicago-Joliet-Naperville, Ill. (6.41 percent); Phoenix-Mesa-Glendale, Ariz. (-5.82 percent); Philadelphia, Pa. (-3.02 percent); Atlanta-Sandy Springs-Marietta, Ga. (-2.37 percent); and Dallas-Plano-Irving, Texas (-1.25 percent).
