Decline in home prices to continue to 2011: Clear Capital

This decline has accelerated: Since August, home prices have fallen 7.9 percent, data from Clear Capital, a Truckee, Calif.-based real estate research firm, show. It is the steepest decline in home values since the height of the financial crisis in 2008, said Clear Capital senior statistician Alex Villacorta.

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In October Clear Capital declared they were seeing the quickest decline in home values since mid-2009, with prices dropping 6 percent over September and October. CoreLogic released a report that said prices were down 1.5 percent over the past year, and that the market would continue to show weakness for the following year.

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The macroeconomic picture and its impact on oil demand continue to pressure prices. Global equities have fallen nearly 9.5 per cent so far in December, their biggest one-month slide since September.

Clear Capital Home Data Index: National Home Price Trends (Jan. 2006 – Dec. 2011 Forecast) National home prices in 2010 posted a -4.1 percent year-over-year price change, after a very turbulent year where prices increased 9.7 percent over a 21 week span (late March to mid August), only to be followed by a –9.4 percent price change over the following 19 weeks (September to December).

"While national home prices have appreciated 4.2% since early 2009, the West region is poised to double dip by the end of Q1 2011 if trends continue. TRUCKEE, CA – March 10, 2011 – Clear Capital ( ) released its monthly Home Data Index (HDI) Market Report, and reports a quarter-over-quarter national price change of -1.4 percent.

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After rising during 2009 and part of 2010, they’ve begun falling again, and will continue to decline in 2011. Clear Capital predicts a 3.7% drop this year, which is quite similar to 2010’s fall.

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The National Association of Realtors expects home sales to flatten and home prices to continue to increase. s a real chance prices could fall below 2018 levels, putting up negative growth for the.

Detroit home prices posted sharp declines during the first 6 months of 2011, according to a new report. And the decline is expected to continue during the next 6 months. Clear Capital reports Detroit’s home sale prices were down 19.8% during the first half of the year compared to the first six months of 2010.