“In 2010, home sales declined to the lowest level since the collapse in the housing market. The CoreLogic research indicates that the most popular measure of existing home sales is overstated by 15% to 20%.”
“In November, the CoreLogic repeat sales home price index fell 5.1% from a year ago, the fourth consecutive monthly decline. The decreases in home prices have spread to 45 states, up from 18 just six months ago when home prices were increasing moderately. The downturn in home prices is clearly being driven by weak sales, an excess supply of unsold homes and larger impact from distressed sales. During 2010 CoreLogic estimates1 home sales totaled 3.6 million, down 12% from 4.1 million in 2009. Sales remain extremely low relative to the last decade as sales last year were more than 50% below the level in 2005 and about 33% below the level in 2000. Although its been widely reported that the National Association of Realtorss (NAR) existing home sales data fell only 5% to 4.9 million in 2010, down from 5.2 million in 2009 and flat relative to 2008, the CoreLogic data indicates otherwise. Figure 1B
illustrates that the CoreLogic existing home sales data did not experience an increase in 2009 and that sales fell again slightly in 2010.”
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