Milwaukee area home prices down 7.36 percent from year ago

Home prices in the metro Milwaukee area were down 7.36 percent in September, compared to September of 2008, according to Santa Ana, Calif.-based First American CoreLogic Inc. Prices in the area were down 6.89 percent in August.

First American CoreLogic’s home price index predicts that the market will improve and home prices in the Milwaukee area will increase 1.2 percent in September of 2010.

Home values in the Milwaukee area and the state of Wisconsin are still holding up better than in the rest of the country. Nationally, home prices were down 9.83 percent in September. In Wisconsin, home prices were down 5.6 percent in September.

The state’s with the biggest home price declines are: Nevada, 25.49 percent; Arizona, 20.28 percent; Florida, 17.66 percent and Michigan, 15.06 percent.

U.S. house prices rose 3.1 percent in the third quarter, but are still down 8.9 percent compared to a year ago, according to data released Tuesday by S&P/Case-Shiller.

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