The CoreLogic index of Baton Rouge home prices was down 5.33% in February, when compared with the previous year’s figures. This is the seventh month in a row the local index was down. The CoreLogic Home Price Index for Louisiana was down slightly, falling 2.6% when compared with February 2010. The national index was down by 6.7%, also its seventh consecutive year-to-year drop. Despite the continued overall drop, Mark Fleming, chief economist for CoreLogic, says there are signs of improvement. Excluding the sale of distressed properties, such as short sales and foreclosed homes, the national index was down 0.1% and the Baton Rouge and Louisiana indexes were actually up, by 1.25% and 2%, respectively. “When you remove distressed properties from the equation, we’re seeing a significantly reduced pace of depreciation and greater stability in many markets,” says Fleming. CoreLogic bases its indexes on public sale records and databases.
Poll: Should appraisers use distressed property sales as comparables when determining a home’s value?