SACRAMENTO, Calif. – While national home prices fell by 10.6 percent last year, prices in the Ocean State fell by 13.7 percent, the fifth-steepest decline in the United States, according to data released this week by First American CoreLogic, a tracker of national real estate data.
Prices fell in 35 states, led by California’s 26.9 percent decline. California was followed by Nevada’s 22.8-percent decline, Arizona’s 19 percent decline, Florida’s 18.2 percent decline and Rhode Island. CoreLogic’s statistics are based on data finalized through November, with “early preview” December data.
The national price drop was the largest in 30 years, according to CoreLogic. Foreclosures rose by 79 percent, from 1.9 million in 2007 to 3.4 million in 2008.
“Collateral risk continues to be the driving force behind the housing market with the top four states for price depreciation accounting for nearly half of all outstanding foreclosures,” CoreLogic Chief Economist Mark Fleming said in a statement. “Economic risk is also rapidly rising with California, Nevada and Rhode Island standing out as they are among the top 10 states for price depreciation and the highest unemployment. Until home prices and economic activity stabilize, mortgage distress will remain high.”
November home prices in the Providence-New Bedford-Fall River metropolitan area fell year-over-year by 14.04 percent. Foreclosures in the region increased 1.5 percent for the same month.
First American CoreLogic, a member of The First American Corp. group of companies, is a national provider of real estate, property and ownership data. It collects data from 7,569 ZIP codes in the 50 states and the District of Columbia. For more information, visit www.CoreLogic.com.
