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Home prices dip in September after string of gains: CoreLogic

A real estate for sale sign is displayed outside a home in Chandler Heights, Arizona June 2, 2011. REUTERS/Joshua Lott
A real estate for sale sign is displayed outside a home in Chandler Heights, Arizona June 2, 2011. REUTERS/Joshua Lott

NEW YORK (Reuters) - Home prices slipped in September after gaining for six months in a row as values were weighed down by cheaper distressed sales, data from CoreLogic showed on Tuesday.

CoreLogic Inc's home price index fell 0.3 percent from August. Prices were still up strongly compared with a year ago, rising 5 percent for the biggest increase since July 2006.

Excluding distressed sales, prices were up 0.5 percent from August and also gained 5 percent from last year.

Homes that have been seized by banks or are in danger of being foreclosed are often sold at significantly reduced prices.

The stabilization in home prices this year has helped the housing market turn the corner as it recovers from its far-reaching collapse.

CoreLogic forecast prices would fall 0.5 percent in October as the benefit of the summer buying boost wears off. Still, October prices are expected to be up 5.7 percent from the previous year.

"So far this year, we're seeing clear signs of stabilization and improvement that show promise for a gradual recovery in the residential housing market," Anand Nallathambi, chief executive of CoreLogic, said in a statement.

Of the top 100 statistical areas measured by population, 18 showed year-over-year declines, down from 27.

A separate report, the closely watched home price index from S&P/Case-Shiller, has also shown home prices improving as of August. The September report will be released at the end of the month. (Reporting by Leah Schnurr. Editing by Andre Grenon)

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