Magazine article Mortgage Banking

November Home Prices Rise despite Uptick in Foreclosure Sales

Magazine article Mortgage Banking

November Home Prices Rise despite Uptick in Foreclosure Sales

Article excerpt

Oxford, Mississippi-based FNC released its latest Residential Price Index[TM] (RPI) on Jan. 15 and the index showed that November home prices for non-distressed sales rose by 0.5 percent compared with the prior month. The index rose modestly despite downward price pressure coming from an increase in foreclosure sales during the month, FNC reported.

In November, completed foreclosure sales nationally accounted for 16.8 percent of all sales. That was up from October's number of 14.4 percent of all home sales and August's post-crisis low of 12.6 percent, the company said.

FNC's national composite index measures recorded sales of non-distressed existing and new homes in the 100 largest metropolitan areas. The November composite index showed prices up by 0.5 percent compared with a gain of 0.3 percent in October 2013. On a year-over-year basis, the composite index in November 2013 showed prices rose by 6.7 percent over November 2012. That was up slightly from October 2013, when the year-over-year gain was 6.5 percent.

FNC also produces two narrower indexes, one for the 30 largest metropolitan statistical areas (MSAs) and another for the top 10 MSAs.

"Among the country's major metropolitan areas, Seattle; Columbus [Ohio]; and Nashville [Tennessee] recorded the largest [month-to-month] price increase in November at 2.6 percent, 2.4 percent and 2.1 percent, respectively," according to FNC.

The company singled out Riverside, California, for its strong price appreciation in recent months. …

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