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October 22, 2010
August Home Prices Continue to Move Lower, Little Reason to Expect Much Upside to Near-Term Home Prices
Oxford, Miss (October 21, 2010) - The FNC Residential Price Index, the leading hedonic price index built on the industry’s most comprehensive database that combines public records and proprietary appraisals on residential properties across the United States, shows that home prices in August continued to move lower, declining 0.8% since July. As the market’s most timely and accurate measure of home price trends, the index’s latest developments indicate that home prices in the last three months have lost some of the ground gained under the first-time homebuyer credit program.
With the latest data through August, the FNC Residential Price Index shows that the number of housing markets showing signs of price deterioration has been rising since June. In August, out of the MSA markets that make the FNC 30-MSA composite index, 22 markets experienced falling prices that averaged 1.4% lower than July. The overall decline in the index in August was 0.8%. Signs of weakly deteriorating home prices can be gleaned from the increasingly larger MOM declines in the last three months by the 30-MSA composite index. The top 10 housing markets, in particular Click here for the complete article.