Providence-area home prices fall 3.1% in August

HOME PRICES in the Providence metro area dropped 3.1 percent in August when compared with the same period in 2011. Prices in Rhode Island fell 2.6 percent, the largest decline in the country.
Posted 10/2/12

PROVIDENCE – Single-family home prices in the Providence-New Bedford-Fall River area dropped 3.1 percent in August compared with the same period in 2011, according to CoreLogic’s Home Price Index.

Steadily declining prices in the Providence area during the past year have been at least partially attributed to pressure from distressed sales, but the CoreLogic index shows August home prices excluding foreclosures and short sales still dropped 1.1 percent year over year.

Not including data from Bristol County, Mass., year-over-year, single-family home prices in Rhode Island declined 2.6 percent in August, including distressed sales.

Excluding distressed sales, year-over-year, single-family home prices in the Ocean State dropped 1.7 percent in August.

Rhode Island’s home price drop, including distressed sales, was the highest in the country, according to the Santa Ana, Calif.-based real estate data firm.

Statewide, Massachusetts saw prices rise 3.4 percent from August 2011 to August 2012 for single-family home prices including distressed sales.

Excluding distressed sales, year-over-year, single family home prices in the Bay State rose 5.6 percent.

Nationally, home prices, including distressed sales, rose 4.6 from August 2011 to August 2012. Excluding distressed sales, national home prices rose 4.9 percent year-over-year in August.

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This is why RI is in last place. Its not just the high taxes, bad overall governance, and one party monarchy that scares reasonable people away (people who start businesses, move businesses and look for places to expand businesses-which equals jobs) it is also this growing issue of depressed real estate values.

Months and months of falling values for RI while the rest of the country's values (including our neighbors in MA and CT) are increasing.

Looking at the total picture, unless compelled by some incredible personal benefit, why would anyone want to move here?

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