California Home Prices Fall by 6.2%

California real estate agents and brokers have even less to cheer about with the latest home pricing data in the state.

California housing prices fell 6.2% for the year ending in August – marking the seventh biggest drop in the nation, according to new data released by CoreLogic.

Overall, home prices in the U.S. in August decreased 0.4% on a month-over-month basis, the first monthly decline in four months. But according to CoreLogic chief economist Mark Fleming, there is at least something to be optimistic about.

“The continued bright spot is the non-distressed segment of the market, which is only marginally lower than a year ago and continues to exhibit relative strength,” he said.

Prices overall were down 4.4% over a year ago, according to the CoreLogic HPI, which includes distressed sales. Distressed sales include short sales and real estate- owned transactions. This follows a revised decline of 4.8% in July 2011 compared to July 2010.

Other highlights:

• Based on all transactions, Nevada fared worst, down 12.4 percent since August last year. Then came Arizona, -10.7%; Illinois, -9.6%; Minnesota -7.8%, Georgia -7.2% and New Mexico, -6.3%.
• Best? West Virginia (+8.6 percent), Wyoming (+3.6 percent), North Dakota (+3.5 percent), New York (+3.2 percent), and Alaska (+2.2 percent).
• Orange County? Declined by 3.5 percent vs. August 2010; without distressed sales, down 2.3 percent.

We sure can’t find anything positive in this news. It seems to us that it just means more shared misery for everyone in the industry. How do you feel about this latest data? Please share your thoughts.

Read the complete story from HousingWire here.