Monday, January 21, 2013

MARKET TRENDS: FNC: Property values grow for ninth consecutive month

The rebound of property values in the U.S. barreled through November, which was the ninth consecutive month of price gains due largely to a classic case of supply-and-demand, according to the latest FNC report.

Signs of market recovery are continuing to drive up demand as potential homebuyers jump on low prices.

Nationally, home prices were up 0.3% in November, based on recorded sales of non-distressed properties in the 100 largest metropolitan areas throughout the country. As prices moved higher for the ninth consecutive month, the total appreciation rate hit 5.3% year to date.

Foreclosures dropped by 4.8% since November 2011 and made up 20% of total home sales in November.

FNC reported that two-thirds of the component markets tracked by the index show continued price improvement in November.

Click on the tables below to see the full FNC Residential Price Index.
Las Vegas recorded the largest month-over-month increase, rising 3.4% since October. However, Chicago lagged behind other cities with home price declining 0.8% in the 12 months ending in November and a high level of distressed sales.

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