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July 21, 2011
Home Prices Continue to Rise; May by 0.8 Percent
FNC announced Thursday that U.S. home prices continued to show notable upward trends in May, extending April gains for two consecutive months of positive price momentum. Despite record foreclosure activity and rising unemployment rates in recent months, the single-family housing market continues to show signs of price stabilization in line with rising activities in new housing starts and building permits.
As a gauge of underlying home value, the RPI excludes sales of foreclosure homes – often sold with large price discounts due to poor property conditions, such as neglected maintenance, theft, vandalism, and abandonment. The latest gains captured by the RPI occurred despite continued pressure from higher volumes of foreclosure sales and their steep price discounts.
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