According to the report, home prices fell again in January, making that the sixth month in a row that property values have fallen across the country. I don’t think we’ve reached the bottom yet. Home values will continue to fall.
January’s index fell 5.7% on a year-over-year basis, according to the company, following December's fall of 4.7% over the previous year. CoreLogic said that its recent data showed a continued downward pressure on home sales, according to the news outlet.
Reporter Elizabeth Ecker quoted CoreLogic chief economist Mark Fleming in her story:
“A number of factors continue to dampen any recovery in the housing market. Negative equity, which limits the mobility of homeowners, weak demand and the overhang of shadow inventory all continue to exert downward pressure on housing prices. We are looking out for renewed demand in the coming months as the spring buying season gets underway to hopefully reduce the downward pressure.”This is going to put more borrowers underwater, and that’s going to put more pressure on servicers. How much farther do you think this index will fall?