NEW YORK (Reuters) - Home prices fell for a fourth straight month in November as distressed sales continued to weigh on prices, data analysis firm CoreLogic said on Monday.
CoreLogic’s (CLGX.N) home price index fell 1.4 percent in November from the previous month. Compared with November of last year, prices were down 4.3 percent, steeper than the 3.7 percent year-over-year decline seen in October.
Excluding distressed sales, prices were off just 0.6 percent in November on a yearly basis. Homeowners in danger of foreclosure, or in “distress,” often sell their homes at a significantly reduced price.
“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,” Mark Fleming, chief economist at CoreLogic, said in a statement.
Of the top 100 statistical areas measured by population, 77 showed year-over-year declines, down from 80 in October.
Reporting By Leah Schnurr; editing by Jeffrey Benkoe