US house prices decline during 2011

A final end of year report covering the whole of the American home mortgage market shows a reduction of almost 5 per cent in the cost of USA real estate.

The data supplied by Core Logic confirms that residential real estate prices have fallen for the fifth successive year on a national scale but some regions have fared better than others. Also when you deduct the figures of distressed sales then the fall in prices drops to just under one per cent.

The areas with the greatest reduction in prices (taking into account distressed sales) included Illinois – a fall of 11.3 per cent, Nevada saw a drop of 10.6 per cent and house prices in Georgia fell by 8.3 per cent.

On a more positive note prices (including distressed sales) increased across Montana, Vermont, New York, Nebraska and South Dakota.

Experts explain that while the market is flooded with distressed sales the downward pressure on real estate prices will continue.