Distressed sales affect region’s home prices

SANTA ANA, Calif. – Home prices in the Fort Collins-Loveland area increased year-over-year, while Greeley home prices decreased over the same period, according to the June Home Price Index released by CoreLogic. Sales of foreclosed and other distressed properties contributed to the decline and kept the increase lower, the figures show.

In the Fort Collins-Loveland area, home prices including distressed sales increased by 3 percent from June 2010 to June 2011 and by 0.8 percent from May 2010 to May 2011. Excluding distressed sales, prices increased by 3.3 percent year-over-year in June and 0.8 percent year-over-year in May.

In Greeley, prices including distressed sales decreased by 6.1 percent from June 2010 to June 2011 and by 9.2 percent from May 2010 to May 2011. Excluding distressed sales, year-over-year prices declined by 0.4 percent in June 2011 compared to June 2010 and by 2.8 percent in May 2010 compared to May 2011.

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“The difference between the overall HPI and our index excluding distressed sales indicated that the price declines are more concentrated in the distressed sales market,´ said Mark Fleming, chief economist for CoreLogic.

Statewide, home prices including distressed sales declined 3.1 percent from June 2010 to June 2011. Excluding distressed sales, home prices declined by 0.2 percent year-over-year in June 2010 compared to June 2011.

CoreLogic is a provider of financial and property information and analytics, headquartered in Santa Ana, Calif.