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May 15, 2013
FNC Index: U.S. Home Prices Up 0.4% in March
The latest FNC Residential Price Index™ (RPI) shows the U.S. housing market continued to recover, recording in March the 13th consecutive price increase. In recent months, the ongoing housing recovery has maintained its pace with steady and persistent gains in home prices despite signs of continued job market weakness and soft economic growth.
Low interest rates continue to be a key driver of rising housing demand. The market is also gaining momentum on signs of improved credit and more availability of leverage as mortgage lenders continue to experience rising profits. Foreclosure inventory continues to drop, with distressed sales contributing only 18% to total home sales, down from 24.5% a year ago.
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