Oxford, Mississippi-based FNC Inc. reported that its latest Residential Price Index[TM] (RPI) shows that home prices reached a 20-month high following an active spring/summer home-buying season.
In August, the company reported that home prices rose for the sixth consecutive month. FNC also said that foreclosure sales declined to 17.4 percent of sales in August, which was down from 23 percent one year ago.
FNC found that nationwide in August, home prices for recorded sales on non-distressed properties (new and existing) in the 100 largest metro markets were up by 1.5 percent from one year ago.
FNC has three RPI composite indexes: national, 30-metropolitan statistical area (MSA) and 1o-MSA. All three showed a similar upward trend in the August reporting period and all three reached 20-month highs in August.
However, the company said, "There are signs that the upward momentum subsided somewhat in August, with the two broader indices up only 0.2 percent to 0.3 percent from July."
FNC said that based on...