Home prices down for third straight month: CoreLogic

Home prices declined 3.93% in October from the previous three months, the third straight report of declines as any hope for a recovery in early 2011 begins to fade, according to data from CoreLogic (CLGX). Prices slipped 2.8% in September and 1.1% in August. CoreLogic’s Chief Economist Mark Fleming said without the artificial support of the government, the housing market continues to show signs of weakness. “When you combine these factors with high shadow and visible inventories, the prospect for a housing recovery in early 2011 is fading,” Fleming said. Prices dropped 15% in Idaho, the largest decrease in the country for October. They also fell 9.3% in Alabama, 8.5% in Oregon, 8.25% in Arizona and 8% in Florida. Prices appreciated the most, 5.67%, in Wyoming, 5.35% in North Dakota and nearly 3% in New York. Write to Jon Prior.