Thanks in large part to distressed homes (foreclosures and short sales) Louisville home values continue to take a hit as buyers believe every home purchase should be a great deal.
If you do not include distressed homes in the equation, CoreLogic is reporting that “year-over-year prices declined by -1.25 percent in January 2011 compared to January 2010 and declined by -1.66 percent** in December 2010 compared to December 2009.”
Here are some other highlights as of January 2011.
- Including distressed sales, the five states with the highest appreciation were: West Virginia (+5.5 percent), North Dakota (+3.3 percent), New York (+1.9 percent), Hawaii (+0.7 percent) and Wyoming (+0.2 percent).
- Including distressed sales, the five states with the greatest depreciation were: Idaho (-15.7 percent), Alabama (-12.1 percent), Arizona (-11 percent), Oregon (-9.9 percent) and Utah (-9.8 percent).
Looking at the 12-Month HPI for period ending January 2011, the overall national average drop for single family homes was -5.7%, excluding distressed properties it was -1.6%. For the state of Kentucky the overall drop was -4.9% and -2.3% excluding distressed.