That's huge drop in a single year.
"The downturn in home prices is clearly being driven by weak sales, an excess supply of unsold homes and larger impact from distressed sales," CoreLogic said in its report.
The number of homes sold in 2010 was at its lowest point since the housing market collapsed. Sales were more than 50% below the level seen before the crisis in 2005 and 33% below the level measured in 2000.
But that's not the main news.
The CoreLogic data clashes with a report from the National Association of Realtors, which reported home sales dropped just 5% to 4.9 million and that home sales in 2009 actually increased from the year before. According to CoreLogic, home sales did not improve in 2009. There has been a steady decline since the peak in 2005. (See the chart below.)
Now that's giant discrepancy! NAR is been in trouble before for completely missing the housing bubble and decline.
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