Non distressed property sector in us just marginally down on a year ago, data shows

Residential prices in the United States fell by 0.4% in August compared with the previous month, according to the latest index from CoreLogic.

August Home Price Index (HPI) shows that it is the first monthly decline in four months. Year on year prices are down 4.4%. But excluding distressed sales, the year on year fall is 0.7%. Distressed sales include short sales and real estate owned (REO) transactions.

‘The slight month on month decline was predictable, particularly given the renewed concerns over a double dip recession, high negative equity, and the persistent levels of shadow inventory,’ said Mark Fleming, chief economist at CoreLogic.

‘The continued bright spot is the non distressed segment of the market, which is only marginally lower than a year ago and continues to exhibit relative strength,’ he added.

Source: Property Wire