Home prices slump in California; only Texas shows rise

SACRAMENTO — Resale home prices in El Dorado, Placer, Sacramento and Yolo counties fell more than twice as fast as the U.S. average between January 2008 and January 2009, dropping 25 percent, according to a study released Monday by Santa Ana-based First American CoreLogic.

But Sacramento area prices are now declining more slowly than California as a whole, the firm's LoanPerformance Home Price Index showed. Statewide, home resale prices fell 26.7 percent in the year-long period, led by near 30 percent declines in Riverside and San Bernardino counties.

Other U.S. metros seeing faster declines than Sacramento included Miami, Las Vegas and Oakland-Fremont.

As of January, prices in the Sacramento area were still falling faster than in Phoenix, Fort Lauderdale, San Diego, Orlando and Tampa-St. Petersburg.

Nationally, U.S. home prices have declined 21.2 percent since their July 2006 peak and are back to March 2004 levels, First American CoreLogic reported.

Metros seeing price increases between January 2008 and January 2009 were all in Texas. Prices were up 3.9 percent in Austin, 3.6 percent in Houston and 1.5 percent in Dallas, the data tracking firm reported.

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