ECONOMIC INDICATORS

Providence-area home prices slip further in September

COURTESY CORELOGIC
RHODE ISLAND reported the largest year-over-year decline in home prices - 3.5 percent - for the second consecutive month, according to Corelogic's Home Price Index.
Posted 11/6/12

PROVIDENCE – Single-family home prices in Providence-Fall River-New Bedford metro area dropped 3.8 percent in September 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 September home prices excluding foreclosures and short sales still dropped 0.7 percent year over year.

Not including data from Bristol County, Mass., year-over-year, single-family home prices in Rhode Island fell 3.5 percent in September, including distressed sales.

For the second consecutive month, Rhode Island homes prices have seen the largest year-over-year drop in the country. Rhode Island was one of only seven states not to experience year-over-year price gains.

Excluding distressed sales, year-over-year, single-family home prices in the Ocean State dropped 1.3 percent in September.

Statewide, Massachusetts saw prices rise 2.5 percent from September 2011 to September 2012 for single-family home prices including distressed sales. Excluding distressed sales, year-over-year, single family home prices in the Bay State rose 3.4 percent.

Nationally, home prices, including distressed sales, rose 5 percent from September 2011 to September 2012, representing the largest increase since July 2006 and the seventh consecutive month of year-over-year home price increases in the country. Excluding distressed sales, national home prices also rose by 5 percent year-over-year in September.

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