California home prices fell in January on a year-over-year basis for the fourth consecutive month, according to real estate tracker CoreLogic?s math. Certainly looks like we are firmly in a housing double dip. Buying a house now is buying a depreciating asset - one that loses money every month. The link to the article is on my Bluemove blog.
CoreLogic?s latest reports shows ..
* The last time California prices were falling at a faster rate was 14 months earlier ? November 2009, when year-to-year depreciation ran 4.78 percent.
* National index declined on year-to-year basis for the sixth month in a row: off 5.7 percent vs. January 2010. Declined 4.7 percent in year ended in December.
* Orange County? Prices down by 3.25 percent in year ended January 2011 vs. dip of 4.29 percent in previous month.
Mark Fleming, chief economist with CoreLogic, said, ?A number of factors continue to dampen any recovery in the housing market. Negative equity, which limits the mobility of homeowners, weak demand and the overhang of shadow inventory all continue to exert downward pressure on housing prices. We are looking out for renewed demand in the coming months as the spring buying season gets underway to hopefully reduce the downward pressure.?
CoreLogic?s latest reports shows ..
* The last time California prices were falling at a faster rate was 14 months earlier ? November 2009, when year-to-year depreciation ran 4.78 percent.
* National index declined on year-to-year basis for the sixth month in a row: off 5.7 percent vs. January 2010. Declined 4.7 percent in year ended in December.
* Orange County? Prices down by 3.25 percent in year ended January 2011 vs. dip of 4.29 percent in previous month.
Mark Fleming, chief economist with CoreLogic, said, ?A number of factors continue to dampen any recovery in the housing market. Negative equity, which limits the mobility of homeowners, weak demand and the overhang of shadow inventory all continue to exert downward pressure on housing prices. We are looking out for renewed demand in the coming months as the spring buying season gets underway to hopefully reduce the downward pressure.?