Magazine article Mortgage Banking

FNC Says Home Prices Continue to Fall in November

Magazine article Mortgage Banking

FNC Says Home Prices Continue to Fall in November

Article excerpt

Oxford, Mississippi-based FNC Inc. released its latest Residential Price Index (RPI) in mid-January showing that prices at the national level continued to fall despite recent improvements in the job market. The company said that the results for the month of November marked the fourth consecutive month-to-month decline in residential prices.

FNC reported that all three of its RPI composites (the national index, a 30-metropolitan statistical area [MSA] index and a 10-MSA index) showed month-to-month declines in the November data. The national index was down by 0.4 percent, while the 10-MSA index was down by 0.9 percent.

A release announcing the findings stated, "Among the individual markets tracked by the FNC 30-MSA composite index, about one in four shows a positive monthly price change in November. The largest monthly gain occurred in San Antonio [Texas), where home prices rose 2.1 percent from October to November."

FNC noted that in terms of price performance year-to-date, three markets were among those showing the best price trends: San Francisco, San Antonio and Minneapolis. …

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