Two more set of housing price data were released on Tuesday in addition to the Lender Processing Services (LPS) information covered here earlier.  The October Home Price Index (HPI) from CoreLogic echoed findings from LPS; that prices continued to weaken on both month-over-month and year-over-year bases while the National Association of Home Builders (NAHB) had slightly more encouraging news from its NAHB/First American Improving Markets Index (IMI.) 

According to the CoreLogic HPI, home prices were down 1.3 percent compared to September figures, the third consecutive monthly decline.  Prices in October declined 3.9 percent from those in October 2010, a slightly higher loss than the September 2010 to September 2011 change of -3.8 percent.  When distressed homes are removed from the mix, however, house prices were down only 0.5 percent in October compared to one year earlier and were -2.1 percent for September 2011 prices compared to September 2010.

Mark Flemming, chief economist for CoreLogic said "Home prices continue to decline in response to the weak demand for housing.  While many housing statistics are basically moving sideways, prices continue to correct for a supply and demand imbalance.  Looking forward, our forecasts indicate flat growth through 2013."

Including distressed sales, the change from the peak housing price which occurred in April 2006 to the present is -32.0 percent.  Excluding distressed sales the change over the same period was -22.4 percent.

The highest appreciation in prices including distressed sales were found in West Virginia (+4.8 percent), South Dakota (+3.1 percent), New York (+3.0 percent), and the District of Columbia (+2.4 percent).  Those with the greatest depreciation were Nevada (-12.1 percent), Illinois (-9.4 percent), Arizona (-8.1 percent), Minnesota (-7.9 percent) and Georgia (-7.3 percent).

The NAHB index is based on metropolitan areas that have shown improvement from their respective troughs in housing permits, employment, and house prices for at least six consecutive months.  The IMI identified 20 new additions to the list of qualifying areas including several major markets such as Washington, DC, San Jose, California and Toledo Ohio.  Other notable additions were Athens, Georgia; Scranton, Pennsylvania; and Lincoln, Nebraska.

While 20 markets joined the index, nine fell off, among them Alexandria and Houma Louisiana; Fairbanks, Alaska; Hinesville, Georgia; Lima, Ohio; Pine Bluff, Arkansas, and Sumter, South Carolina; all because of declining house prices.  Jonesboro, Arkansas and Waco Texas also dropped off, the former because of rising unemployment the latter via declining single-family permits.  There are now 41 metro areas on the improving markets list, a net gain of 11 since November.

"The increases we continue to see in the number and geographic diversity of improving metros are quite encouraging, and evidence of the fact that all housing markets are dependent on uniquely local factors," said NAHB Chairman Bob Nielsen.. He noted that as of December, a total of 21 states and the District of Columbia are represented on the improving markets list -- up from14 states represented in November.