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February 15, 2013

FNC Index: U.S. Home Prices Hit Two-Year High

The latest FNC Residential Price Index™ (RPI) shows continuing momentum in the U.S. housing market with home prices rising to a two-year high in December. Despite an unexpected deceleration in economic growth, the ongoing housing recovery has maintained its pace with steady gains in home prices, sending the index up 5.4% year to date.

A stabilizing foreclosure market is contributing to the recovery of the underlying property values. While challenges remain for many hard-hit markets, particularly those undergoing a judicial process for home foreclosures, there are signs that foreclosure prices have bottomed out—the first encouraging development in the long housing recession where a rising underlying market and stabilizing foreclosure prices co-exist. Foreclosures as a percentage of total home sales were 17.8% in December, down from 24.0% a year ago.

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