Home prices fall in November for 4th month: CoreLogic

NEW YORK (Reuters) – House rates fell for a fourth straight month in November as distressed sales continued to weigh on prices, data analysis firm CoreLogic said on Monday.

CoreLogic's (CLGX.N) home price index fell 1.4 percent in November from the prior month. Compared with November of last year, costs were down 4.3 percent, steeper than the 3.7 percent year-more than-year decline seen in October.

Excluding distressed sales, rates had been off just .6 percent in November on a yearly basis. Homeowners in danger of foreclosure, or in &quotdistress,&quot often sell their properties at a significantly reduced price.

&quotDistressed sales continue to put downward pressure on rates and is a aspect that must be addressed in 2012 for a housing recovery to turn out to be a reality,&quot Mark Fleming, chief economist at CoreLogic, stated in a statement.

Of the top rated 100 statistical areas measured by population, 77 showed year-more than-year declines, down from 80 in October.

(Reporting By Leah Schnurr editing by Jeffrey Benkoe)

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