Homes in some stage of the foreclosure process are driving declining home sales prices nationally and in Colorado Springs, according to recently released report.
CoreLogic, a data and analysis provider, released its July Home Price Index today and revealed that home prices fell by 3.9 percent year-over-year in Colorado Springs.
The declines were not as steep here as they were nationally, where they fell by an average 5.2 percent.
The declines in home prices were most dramatic among distressed properties – homes in some stage of foreclosure. Excluding distressed properties, local home prices only fell 0.9 percent year-over-year compared to 2 percent from June, 2010 to June, 2011.
The numbers are not far off from national figures where the prices of non-distressed homes fell an average 0.6 percent July-over-July and 1.9 percent June-over-June.