First American LoanPerformance released its monthly Home Price Index (HPI) yesterday. The LoanPerformance HPI tracks prices in 7,416 zip codes, 956 Core Based Statistical Areas (CBSA), and 659 counties across the U.S.

Because this HPI incorporates more than 30 years of repeat sales transactions, it is considered to be one of the most comprehensive indices available in the industry.

12 Month Change for States Experiencing Home Price Declines

Source: First American LoanPerformance HPI

Home prices remained flat in many states during the month of September, but 17 states experienced some level of depreciation.

In certain states, prices have been falling for awhile. For example, California and Las Vegas home prices have declined for 12 straight months; Florida prices have been falling for at least eight months. In other states, like New York, home price depreciation is just beginning.

California topped the list once again for the month of September, documenting a 12 percent decline in 12 months. Nevada, Florida, Arizona, and Louisiana were also in the top five.

12 Month Change for Top CBSAs (Core Based Statistical Areas) Experiencing Home Price Declines

Source: First American LoanPerformance HPI

In September, 19 of the top 30 CBSAs (Core Based Statistical Areas) included in the LoanPerformance HPI documented negative home price appreciation.

The Riverside-San Bernardino-Ontario area of California topped the list with a -13.59 percent change in a 12 month period. Cape Coral-Fort Myers (FL), Las Vegas-Paradise (NV), Phoenix-Mesa-Scottsdale (AZ), and Miami-Fort Lauderdale-Miami Beach (FL) rounded out the list.