SACRAMENTO, Calif. – Home prices in the Providence-New Bedford-Fall River metropolitan area in February were 15.02 percent lower than the same 2008 month, marking a decrease slightly higher than in the 12.2 percent national decrease, according to data released last week by First American CoreLogic, a tracker of national real estate data.
Since national home prices peaked in July 2006, they have dropped 22.7 percent and are now their lowest levels since 2004, CoreLogic reported.
“More than one-fifth of the United States housing wealth has vanished and home prices continue to decline,” CoreLogic Chief Economist Mark Fleming said in a statement. “Decreases are now being driven by rising unemployment and high volume of distressed home sales.”
Fleming added that CoreLogic is predicting that the “largest declines have already taken place, but we expect home prices to continue to decline into 2010 as economic conditions and excess housing inventories dampen prices.”
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 District of Columbia. For more information, visit www.CoreLogic.com.
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