FNC: U.S. home prices continue to weaken
by MBJ Staff
Published: January 5,2012
OXFORD — FNC Inc.’s latest Residential Price Index (RPI) indicates that October U.S. home prices continued to weaken at a modest pace despite recent positive home-sales data.
The trend is a reminder that the housing market remains constrained by weak economic fundamentals and the overhang of distressed properties, FNC reports.
October marks the third month of continued price declines and is unfortunately accompanied by a moderate downward index revision to the previous month.
Based on the latest data on non-distressed home sales (existing and new homes) through October, FNC’s national RPI shows that single-family home prices fell in October to a seasonally unadjusted rate of 0.6 percent. The September index value is revised downward from -0.4 percent to -0.9 percent. As a gauge of underlying home value, the RPI excludes sales of foreclosed homes, which are frequently sold with large price discounts reflecting poor property conditions.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- NEW IN MADISON COUNTY — Mississippi Bio-Medical Business Collaboratory to be introduced Friday
- GreenTech holds grand opening of neighborhood electric vehicle plant
- Alcorn president launches new customer service task force
- Turner Grain’s bankruptcy will help consolidate lawsuits alleging breach of contract
- David Duval, former British Open winner, joins Sanderson Farms field
- Mississippi Film Studios signs contract with New Orleans company
- MDOT cutting more than 40 jobs in Right-of-Way Division
- Court rules against Greenwood councilwoman; must give up office
- Mars Food expanding Delta plant; investing $31M and adding jobs