real estate

Home prices decline 5.3% in Providence metro area

BLOOMBERG NEWS FILE PHOTO DAVID CALVERT
SINGLE-family home prices in the Providence-Fall River-New Bedford area dropped 5.3 percent in November compared with the same period a year ago, CoreLogic said Monday.
Posted 1/9/12

PROVIDENCE – Single-family home prices in the Providence-Fall River-New Bedford area dropped 5.3 percent in November compared with the same period a year ago, CoreLogic said Monday.

The California-based real estate tracking firm said in Rhode Island alone, year-over-year home prices dropped 6.3 percent in November, while Massachusetts saw a 3.8 percent decline.

CoreLogic considers the Providence area all of Rhode Island, except Newport County, plus Bristol County, Mass.

The drop in home prices in the Providence-Fall-River-New Bedford area was exacerbated by the sale of distressed properties. Excluding transactions involving short sales and foreclosures, home prices in the area declined 3.4 percent in November compared with a year ago.

Nationally, home prices declined 4.3 percent in November 2011 compared with November 2010, CoreLogic said.

"With one month of data left to report, it appears that the healthy, non-distressed market will be very modestly down in 2011,” said Mark Fleming, chief economist for CoreLogic. “Distressed sales continue to put downward pressure on prices and is a factor that must be addressed in 2012 for a housing recovery to become a reality."

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