Home Prices Up Slightly in December: FNC

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Home prices rebounded in December after three months of declines, according to data from mortgage technology company FNC.

The FNC Residential Price Index recorded a 0.1% uptick in average home prices in December. While positive, December’s figures could make up for previous declines, leaving home prices 0.2% lower in the fourth quarter from 2014’s third quarter and bringing year-over-year growth down to only 5%.

This index measures average home prices for all properties except foreclosures in the country’s 100 largest metropolitan areas.

The share of foreclosures declined in December, involving only 13.7% of total existing home sales in contrast with 14.7% in November 2014 and 14.4% in December 2013.

In terms of growth on a metropolitan area-basis, Miami saw the highest bump from month-to-month at 2.3%, while prices declined most sharply in Nashville by 2.5% from November to December.

Between 2013 and 2014, four cities had gains in price of more than 10%: Orlando, Las Vegas, Miami and Riverside, Calif. On the other hand home prices in five cities declined on an annual basis, including Nashville and San Francisco which both saw drops of 0.9%. San Francisco also had a pronounced decline of 5.3% from the third to fourth quarter in 2014.

Article source: http://www.nationalmortgagenews.com/news/origination/home-prices-up-slightly-in-december-fnc-1045037-1.html

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