Waterloo-Cedar Falls home values increase - KWWL - Eastern Iowa Breaking News, Weather, Closings

Waterloo-Cedar Falls home values increase

WATERLOO (KWWL) --  Home values are up in the Cedar Valley area, while they are dropping across much of the country.

According to First American CoreLogic and its LoanPerformance Home Price Index (HPI), national resale housing prices fell across the country by 11.6% in January 2009 compared to a year ago.  This represents 11 consecutive months of depreciation by more than 10%, and February preview data indicate the trend will continue.

In Waterloo-Cedar Falls, home prices have increased 1.43% in January compared to a year ago. In December 2008, Waterloo-Cedar Falls showed an increase of 0.65% compared to one year prior.

Since U.S. home prices peaked in July 2006, they have declined 21.2% on a cumulative basis and are currently back to the lowest price level last seen in March 2004.

The number of metropolitan markets experiencing price declines is the highest ever. As of January 2009, more than 700, or nearly three-quarters, of all metropolitan markets were experiencing home price depreciation.  That's up from 254 markets experiencing depreciation in December 2007 and 394 in June 2008.

"Home prices nationally continue to fall, and are no longer confined to just the 'sand' states. Nearly three quarters of all CBSAs are now experiencing declines, almost three times more than a year ago.The economic downturn and high levels of distressed housing inventory means that the likelihood of a price recovery will not begin until 2010," said Mark Fleming, chief economist for First American CoreLogic.

Among the country's 35 largest metropolitan markets, or Core Based Statistical Areas (CBSA), 10 markets show depreciation of more than 20 percent.

LoanPerformance HPI Largest CBSAs Ranking:

CBSA

12 Month HPI Change %

Riverside-San Bernardino-Ontario CA

-29.62%

Miami-Miami Beach-Kendall FL

-28.79%

Las Vegas-Paradise NV

-28.41%

Oakland-Fremont-Hayward CA

-27.73%

Cape Coral-Fort Myers FL

-27.23%

Los Angeles-Long Beach-Glendale CA

-25.14%

Phoenix-Mesa-Scottsdale AZ

-24.26%

Fort Lauderdale-Pompano Beach-Deerfield Beach FL

-23.48%

San Diego-Carlsbad-San Marcos CA

-21.99%

Orlando-Kissimmee FL

-20.96%

Tampa-St. Petersburg-Clearwater FL

-18.05%

San Francisco-San Mateo-Redwood City CA

-15.12%

Washington-Arlington-Alexandria DC-VA-MD-WV

-14.77%

Chicago-Naperville-Joliet IL

-13.12%

Portland-Vancouver-Beaverton OR-WA

-11.62%

Seattle-Bellevue-Everett WA

-11.48%

Minneapolis-St. Paul-Bloomington MN-WI

-11.10%

Honolulu HI

-10.82%

Edison-New Brunswick NJ

-9.34%

New York-White Plains-Wayne NY-NJ

-8.46%

Boston-Quincy MA

-7.25%

St. Louis MO-IL

-5.85%

Cleveland-Elyria-Mentor OH

-4.84%

Charlotte-Gastonia-Concord NC-SC

-4.38%

Atlanta-Sandy Springs-Marietta GA

-3.58%

Detroit-Livonia-Dearborn MI

-3.44%

Raleigh-Cary NC

-3.38%

Salt Lake City UT

-2.95%

Philadelphia PA

-2.85%

San Antonio TX

-1.10%

Denver-Aurora-Broomfield CO

0.97%

Dallas-Plano-Irving TX

1.54%

Houston-Sugar Land-Baytown TX

3.58%

Austin-Round Rock TX

3.92%

Source: First American CoreLogic, LoanPerformance HPI, Single-Family Detached as of January, 2009.

LoanPerformance HPI State and National Ranking:

CBSA

12 Month HPI Change %

National

-11.61%

Nevada

-26.85%

California

-26.70%

Arizona

-21.29%

Rhode Island

-19.68%

Florida

-19.46%

Maryland

-11.58%

Washington

-11.44%

Minnesota

-10.77%

Oregon

-9.99%

Illinois

-9.91%

Virginia

-9.89%

New Hampshire

-9.58%

New Jersey

-9.31%

Michigan

-9.11%

Massachusetts

-8.91%

Connecticut

-8.12%

Hawaii

-7.90%

Maine

-6.92%

Wyoming

-6.81%

Alabama

-6.12%

Ohio

-5.51%

Tennessee

-4.76%

Wisconsin

-3.98%

Delaware

-3.91%

Pennsylvania

-3.69%

South Carolina

-3.35%

District of Columbia

-3.23%

Kentucky

-3.23%

Utah

-2.72%

Oklahoma

-2.52%

Georgia

-2.39%

North Carolina

-2.17%

Arkansas

-2.10%

New Mexico

-1.99%

Idaho

-1.80%

Nebraska

-1.23%

Indiana

-1.17%

Alaska

-0.95%

Mississippi

-0.18%

Colorado

0.00%

Louisiana

0.10%

Iowa

0.12%

Missouri

0.16%

Kansas

0.22%

Vermont

0.23%

Montana

0.50%

Texas

1.83%

South Dakota

2.32%

North Dakota

3.78%

New York*

3.90%

West Virginia

9.15%

*NY state transaction counts are extremely low due to county level reporting lags. Significant downward revisions to the reported NY HPI data are expected as new NY county public record data is released. Source: First American CoreLogic, LoanPerformance HPI, Single-Family Detached as of January 2009.


Click to download a full-resolution version of this image.

 

Methodology:

The First American CoreLogic LoanPerformance HPI incorporates more than 30 years worth of repeat sales transactions, representing more than 45 million observations sourced from First American CoreLogic's industry-leading property information database. LoanPerformance HPI provides a multi-tier market evaluation based on price, time between sales, property type and loan type (conforming vs. nonconforming). The LoanPerformance HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, which provides a more accurate "constant-quality" view of pricing trends than basing analysis on all home sales. The LoanPerformance HPI provides the most comprehensive set of monthly home price indices and median sales prices available covering 7,649 ZIP codes, 958 Core Based Statistical Areas (CBSA) and 676 counties located in all 50 states and the District of Columbia. Full-month October and through mid-month November 2008 state and top CBSA-level data can be found at www.loanperformance.com/products/hpi.aspx.

Online Producer:  JJ Murray

Powered by Frankly