Tuesday, January 10, 2012
A California-based information company says distress inventory is hurting home values.
SAN DIEGO CoreLogic says home prices fell for the fourth straight month in November. The company tracks property transactions for businesses and governments.
The firm's latest home price index saw San Diego home values fall nearly 7 percent when compared to a year earlier. In nearby Riverside County, values fell about 6 percent.
The report says the sale of distressed inventory pulled values down. Distressed sales include short sales and properties in the foreclosure process. The company says when the distressed inventory is eliminated, San Diego home values only fell 2.3 percent. In Riverside County they dropped 3.1 percent.
The company's chief economist said home prices in the healthy non distressed market will likely see a modest decline for the year, when the December numbers are included.