Home prices fall for fifth consecutive month

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EDITOR’S NOTE: While the administration, realtors and others are trying to paint lipstick on the pig, the reality is that the housing market is as weak as ever, falling further and further in a death spiral. The number of strategic defaults projected for 2012 is in the millions, meaning that despite the incalculable pressure on prices that already exists, the housing market is going to get worse for years to come.

As stated by an increasing number experts, the only way to head off this third housing crisis in as many years is to offer something meaningful to homeowners to stay in their homes and keep paying the mortgage. That isn’t going to happen until investors get out of their passive role in this mess and start demanding answers about where the money went when the mortgage was funded, where the money went when it was getting paid, and how much money was collected from third party obligors as set forth in the PSA and Prospectus.

Unions and pension funds are the ones getting hurt most by this as they have hundreds of millions of dollars to declare in losses — unless they exercise their right to collect true information and bring lawsuits to recover it. They can start with realizing that their interests converge with those of homeowners and stop this march toward foreclosures in which everyone loses except those who never invested a dime.

Home prices fall for fifth consecutive month

Tara Steele

Home prices decline in 2011

With the release of the CoreLogic Home Price Index (HPI®) report for December, a full-year picture is now available for all price changes in 2011. According to the CoreLogic, the HPI report reveals that including distressed sales, home prices in the U.S. decreased 4.7 percent in 2011 compared with December 2010. With distressed sales excluded, home prices still decreased 0.9 percent in 2011, showing the extent of the impact of distressed sales on home prices last year.

For the month, home prices fell 1.4 percent, marking the fifth consecutive monthly decline, with distressed sales prices rising 0.2 percent, the first monthly gain since July of 2011, marking a silver lining in December’s report.

This report shows home prices continued their slide and CoreLogic notes “that home prices continued the trend of year-end decreases—this is the fifth consecutive year with a decrease in the HPI.”

“While overall prices declined by almost 5 percent in 2011, non-distressed prices showed only a small decrease. Until distressed sales in the market recede, we will see continued downward pressure on prices,” said Mark Fleming, chief economist for CoreLogic.

Montana sees highest appreciation levels

Including distressed sales, the five states with the highest appreciation were Montana (+4.4 percent), Vermont (+4.0 percent), South Dakota (+3.1 percent), Nebraska (+2.5 percent) and New York (+1.7 percent). Excluding distressed sales, the five states with the highest appreciation were Montana (+7.7 percent), South Dakota (+3.5 percent), Indiana (+3.3 percent), Alaska (+3.1 percent), and Massachusetts (+2.9 percent).

Including distressed sales, the five states with the greatest depreciation were Illinois (-11.3 percent), Nevada (-10.6 percent), Georgia (-8.3 percent), Ohio (-7.7 percent), and Minnesota (-7.5 percent). Excluding distressed sales, the five states with the greatest depreciation were Nevada (-9.7 percent), Minnesota (-5.2 percent), Arizona (-4.9 percent), Delaware (-4.2 percent) and Michigan (-3.5 percent).

Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to December 2011) was -33.7 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -24.0 percent.

The five states with the largest peak-to-current declines including distressed transactions are Nevada (-60.0 percent), Arizona (-51.9 percent), Florida (-50 percent), Michigan (-43.7 percent), and California (-43.5 percent). Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 81 are showing year-over-year declines in December, one more than in November.

6 Responses

  1. FEB. 16- JOIN FLORIDIANS FOR MORTAGE JUSTICE FOR RALLY IN TALLAHASSEE!
    | Author: Matthew D. Weidner, Esq.
    http://www.mattweidnerlaw.com/blog

    People WAKE UP!

    You are getting creamed.

    We are getting creamed.

    We are all getting destroyed by a system of government that is radically unfair, unjust and therefore entirely illegitimate.

    YOU CAN NO LONGER JUST SIT ON THE SIDELINES AND BE A VICTIM. YOU CAN NO LONGER SIT PROSTRATE AND ALLOW THE WHIPPING AND BEATING AND ABUSE TO CONTINUE.

    It’s time for every single person who is impacted by all of this…and that is everyone of you…to make a stand…

    COME TO THE STATE CAPITOL AND MAKE YOUR VOICE HEARD!

    Mortgage Justice Group Announcement

    http://mattweidnerlaw.com/blog/2012/02/feb-16-join-floridians-for-mortage-justice-for-rally-in-tallahassee/

  2. iwantmynpv

    please let me know if/when this is available

  3. Katheryn, I have decided to inform “Impact Teams” across the Nation where we can all pool our monies in a monthly contribution to law firms to handle the cases.

    Mortgagors need the representation and now they will get it.

  4. @ iwantmynpv

    Hope you are successful. It is very hard for so many of us to fight these mobsters. I have to laugh thinking about the first call from the attorney they finally hired to fight my lawsuit. He gloated at how I will lose and how he will beat me in court. I told him his Moma should be very proud at how a prestigeous law school graduate with several years experience and a partner of a global firm could probably prevail in court against a little middle aged woman with two years of college to get her through this horrible mess. Ain’t life grand! If I were his moma, I’d be ashamed and I would tell him so.

  5. @anonymous – You obviously get and have a better understanding of securitization than most, but I disagree with your thoughts on not needing someone to rebuild the chain.

    First and foremost, I receive no benefit from explaining the importance of why it is needed. “Hell, i can’t even get this guy Garfield to send me an e-mail address – so I can send him the banks most recent demand letter; so folks will know what to look out for in the mail”.

    I can imagine there is a tremendous amount of commercial influence, and I can understand why this guy has chosen to sell the product. You can never explain to an attorney how to restructure from inception, for years they simply would not believe I was telling the truth, and now that they know I speak facts, they still can’t comprehend the extent of the fraud committed. Imagine trying to explain what a homeowner would need to do to exact an event timeline. it would cost more than the product itself in wasted time.

    I am starting to set up “Impact Zones” across the Nation and I am looking for good attorney’s that can receive monthly cash flow for helping folks and I will show them how to get the remainder of their legal fees suing the National Association, GSE’s lender law firm, lender owned trustee and the actual loan originator, and i will send them clients that can put up a small retainer to get started.

    If anyone knows any good attorneys I will even provide free software to manage their loss mit cases.

    This is my final jab at the banks before I retire to a nice island.

  6. All the lipstick in the world won’t make the pig prettier nor will all the perfume in the world make it smell any nicer!

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