Home prices fell for a seventh straight month in February as a wave of distressed properties continued to wash over the U.S. market, real-estate data company CoreLogic Inc. said Thursday.
CoreLogic’s national home price index dropped 6.7% in February, versus the same month a year earlier. The decline was bigger than the January index reading, which was 5.5% lower than a year ago.
Excluding distressed sales, CoreLogic said home prices fell 0.1% in February, compared to a year earlier.
I love this line:
“When you remove distressed properties from the equation, we’re seeing a significantly reduced pace of depreciation and greater stability in many markets,” Fleming said in a statement.
In other words, when you exclude the bad news, the news is good!
Michael E. Newton 