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Home prices fall in Oct for 3rd month: CoreLogic

Home prices fall in Oct for 3rd month: CoreLogic
Reuters – 1 hour 16 minutes ago.. .

NEW YORK (Reuters) – Home prices fell in October for the third month in a row with growth in the beleaguered sector expected to remain flat for years to come, data analysis firm CoreLogic Inc said on Tuesday.

CoreLogic’s (NYSE:CLGX) home price index fell 1.3 percent in October from the month before. Compared to October of last year, prices were down 3.9 percent, deeper than September’s revised year-over-year decline of 3.8 percent.

Excluding distressed sales, prices were down just 0.5 percent from a year ago.

“Home prices continue to decline in response to the weak demand for housing. While many housing statistics are basically moving sideways, prices continue to correct for a supply and demand imbalance,” Mark Fleming, chief economist at CoreLogic, said in a statement.

“Looking forward, our forecasts indicate flat growth through 2013.”

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