Single family home prices in the metro Milwaukee area, the state of Wisconsin, and the entire United States continues to decline in December, according to Santa Ana, Calif.-based CoreLogic‘s Home Price Index (HPI).
In the metro Milwaukee area home prices were down 8.35 percent in December, compared to December of 2009.
In Wisconsin, home prices were down 6.12 percent in December, compared to December of 2009.
The five states with the greatest December home price decline were: Idaho (14.61 percent), Alabama (-13.14 percent), Arizona (-10.94 percent), Oregon (-9.61 percent) and Missouri (-8.82 percent). The five states with the biggest gain in home price in December were: Hawaii (6.15 percent), North Dakota (6.03 percent), West Virginia (3.53 percent), New York (3.27 percent) and the District of Columbia (2.64 percent).
In the entire U.S., home prices were down 5.46 percent in December, compared to December of 2009.
However, annual data for 2010 shows home prices stabilized with the average annual HPI index showing no change relative to 2009. That compares to a 12.7 percent decline between 2008 and 2009. The stabilization in annual prices follows double-digit declines in 2008 and 2009.
"It was a bumpy ride which ended with a net gain/loss of zero,” said Mark Fleming, chief economist of CoreLogic. “Despite the continued monthly decline in home prices and year-over-year depreciation, we’re encouraged that on an annual basis we’re unchanged relative to a year ago. Excess supply continues to drive prices downward, but the silver lining is that the rate of decline is decelerating."
