Home prices in the Milwaukee area decreased 4.92 percent in January compared to a year ago, according to First American CoreLogic and its LoanPerformance Home Price Index.
However, home prices in the Milwaukee area continue to hold up better than in other parts of the country. National resale housing prices fell by 11.6 percent in January, compared to a year ago, according to First American CoreLogic.
Nevada took the lead as the state with the greatest residential real estate price drop in January with home price declines of 26.9 percent. California, which led the nation in price depreciation since May of 2007, had a decline of 26.7 percent in January. Arizona remains the third ranked state with a price depreciation of 21.3 percent. Rhode Island moved into fourth place with a 19.7 percent price depreciation and Florida was fifth at 19.5 percent.
Wisconsin was 23rd with a 3.98 percent residential price depreciation in January.
The number of metropolitan areas experiencing price declines is by far the highest ever, First American CoreLogic says. As of January, more than 700 of all metro areas were experiencing home price depreciation, up from 254 markets in December of 2007 and 394 in June of 2008.
"Home prices nationally continue to fall and are no longer confined to just the sand states," said Mark Fleming, chief economist for First American CoreLogic. "The economic downturn and high levels of distressed housing inventory means that the likelihood of a price recovery will not begin until 2010."
In a bit of good news for the U.S. housing industry, U.S. housing starts in February were up 22 percent (to 583,000 homes) compared to January, according to a U.S. Commerce Department report.
