MANATEE — Home prices locally, statewide and nationally dropped in September 2011 compared to a year ago, according to a nationwide research service.
Prices dropped 5.3 percent in the metropolitan area that stretches from Bradenton to North Port, 3.8 percent in Florida, and 4.1 percent nationwide, according to CoreLogic. The figures include sales of distressed homes.
“Even with low interest rates, demand for houses remains muted,” said Mark Fleming, chief economist for CoreLogic. “Home prices are adjusting to correct for the supply-demand imbalance, and we expect declines to continue through the winter.”
Fleming also pointed out that distressed homes, meaning homes nearing or already in foreclosure, account for a significant share of homes for sale and are a key factor in driving prices down. To illustrate, home prices dropped from September 2010 to 2011 by only 1.1 percent nationwide, and only 1.7 percent in Florida, when distressed properties are excluded.