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August 13, 2010

FNC Residential Price Index - Indices Moved Higher in Major Metropolitan Cities in May, Extending Gains from March and April

Oxford, Miss (August 03, 2010) - Residential home prices across major U.S. cities rose slightly from April to May by 0.6%, according to newly published FNC Residential Price Index (RPI), a hedonic price index based on all single-family housing units, existing as well as new constructions.1 It was the 3rd consecutive month that home prices were on a positive rebound, resulting in a cumulative gain of 1.3% between February and May.

With indices rising on average by nearly 1%, March 2010 was the first month that home prices across major metropolitan cities moved higher since the housing market went into deep freefall in May 2007 with no end in sight. It was followed in April and May by continued rises in home prices, albeit at smaller magnitude. Three consecutive months of home prices turning up in itself could be enough justification to begin telling a housing recovery story. However, in the midst of emerging signs of weakening in broad economic recovery, as well as the tax incentives that was put in place to encourage home buying, verdict is still out on whether this recent housing price rebound is likely to stay. It is nonetheless a welcoming, long-waited development. Click to read full article.

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