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FNC says home prices continue to fall in November.

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. Those markets were up 4.5 percent, 2.4 percent and 2.1 percent, respectively.

The worst year-to-date price declines were found in Las Vegas (-9.5 percent); Atlanta (-8.8 percent); Tampa, Florida (-7.8 percent); Orlando, Florida (-7.3 percent); and Miami (-7.1 percent).

FNC found that as of the latest report, "nearly a third of the component markets of the FNC 30-MSA composite index are seeing home prices falling more than 50 percent from the peak of the housing market." Whereas some markets have fared notably worse, including Las Vegas. FNC said that Las Vegas' home prices had fallen 62.8 percent from their peak, according to the latest report.

Two Texas markets appear to have defied the negative price trend that has hurt so many other U.S. housing markets. Both Houston and San Antonio have managed not to fall below their peak prices, as of the latest FNC data.
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Title Annotation:Briefing Book
Comment:FNC says home prices continue to fall in November.(Briefing Book)
Publication:Mortgage Banking
Article Type:Brief article
Geographic Code:1U7TX
Date:Feb 1, 2012
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