by Calculated Risk on 5/10/2011 10:09:00 AM
Tuesday, May 10, 2011
CoreLogic: House Prices declined 1.5% in March, Prices now 4.6% below 2009 Lows
Notes: Case-Shiller is the most followed house price index, but CoreLogic is used by the Federal Reserve and is followed by many analysts. CoreLogic reports the year-over-year change each month, and the headline for this post is for the change from February to March 2011. The CoreLogic HPI is a three month weighted average of January, February and March, and is not seasonally adjusted (NSA).
From CoreLogic: CoreLogic® Home Price Index Shows Year-Over-Year Decline for 8th Straight Month
CoreLogic ... today released its March Home Price Index (HPI) which shows that home prices in the U.S. declined for the eight month in a row. According to the CoreLogic HPI, national home prices, including distressed sales, declined by 7.5% in March 2011 compared to March 2010. ... Excluding distressed sales, year-over-year priced declined by 0.96 percent in March 2011 compared to March 2010.

This graph shows the national CoreLogic HPI data since 1976. January 2000 = 100.
The index is down 7.5% over the last year, and off 34.8% from the peak.
This is the eight straight month of year-over-year declines, and the ninth straight month of month-to-month declines. The index is now 4.6% below the previous post-bubble low set in March 2009, and I expect to see further new post-bubble lows for this index over the next few months.