More on home prices
First American CoreLogic, which tracks U.S. home prices, says they were down 10.7 percent in June from a year ago. A map of the country shows Maryland in the "down 5 percent to 10 percent" range, the second-worst category but not as bad as the usual-suspect states of California, Florida, Arizona and Nevada.
Wonk reader Kevin R wondered recently about the drop in prices including inflation, known as the "real" change as opposed to the "nominal" change. So he (and maybe you too) will be interested to see this quote from Mark Fleming, the company's chief economist:
“Nominal home price declines have stabilized in the 10 to 11 percent range for several months. ... [H]owever, given the surge in inflation, real inflation-adjusted home prices are still declining at a faster rate. Between April and June home price declines were very flat, falling by an average of 10.8 percent, but real home price declines accelerated from April’s 15.3 percent to June’s 16.8 percent."
