FNC Index: December Home Prices Hit Record Low

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FNC Index: December Home Prices Hit Record Low

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FNC Index: December Home Prices Hit Record Low

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FNC Index: December Home Prices Hit Record Low

February 22, 2011 (Chris Moore)
mortgage-price-reduced-image
Driven in part by rising sales of distressed properties and higher foreclosure-sales discounts, home prices declined for the seventh straight month in December and suffered their largest one-month drop during the year according to FNC’s recently released Residential Price Index (PRI). According to the RPI, 2010 year end prices declined by more than 3.4 percent since January 2010.

Twenty-three out of the 30 major metropolitan markets tracked suffered price declines in December that averaged 2.2 percent.

Home prices dropped in the double digits year-over-year in Atlanta, Chicago, Las Vegas, Orlando, and Phoenix while San Diego, Los Angeles, and San Francisco had the best performing markets during the year with increases of 5.1 percent, 7.8 percent and 8.1 percent, respectively.

The FNC RPI blames the deteriorating trend in home prices from increased sales of foreclosed properties. As a percentage of total homes sold (both new and existing), sales of distressed properties increased to 26.8 percent in the fourth quarter compared to 25.5 percent in the third quarter and 23.5 percent in the second quarter of 2010.

The foreclosure sales discount in the fourth quarter was 40.8 percent compared to 39.2 percent in the third quarter and 36.6 percent in the second quarter of 2010.

The FNC RPI also predicts that more foreclosure sales are expected since lenders announced in December that they would resume foreclosure sales following the “robo-signing” controversy.

Accordingly, FNC anticipates further downward pressure on home prices in the coming months with the upside that the resumption of foreclosure sales will reduce surplus of distressed properties and eventually bring supply to levels in line with weak housing demand, paving the way for a more sustainable housing recovery later.

The Residential Price Index, created by mortgage technology company FNC, is the industry’s first hedonic price index built on a comprehensive database combining public records and real-time appraisals. If you’d like to review the Index, click here.
Tags: FNC RPI, distressed properties, foreclosure sales, home prices, price declines, downward pressure, mortgage technology

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Twenty-three out of the 30 major metropolitan markets tracked suffered price declines in December that averaged 2.2 percent.

The foreclosure sales discount in the fourth quarter was 40.8 percent compared to 39.2 percent in the third quarter and 36.6 percent in the second quarter of 2010.

The FNC RPI also predicts that more foreclosure sales are expected since lenders announced in December that they would resume foreclosure sales following the “robo-signing” controversy.

HOME LOANS CAN BE CONFUSING

YOU'VE GOT QUESTIONS

WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?

DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?

WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?

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WE'VE GOT ANSWERS

CALCULATE YOUR MORTGAGE PAYMENT

BENEFITS OF REFINANCING YOUR MORTGAGE

ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN

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What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.

BUYING VS LEASING

There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.

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Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.

BUYING ON THE INTERNET

Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.

THINKING OF BUYING
A NEW CAR?

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BUYING OR SELLING A HOME
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Twenty-three out of the 30 major metropolitan markets tracked suffered price declines in December that averaged 2.2 percent.

The foreclosure sales discount in the fourth quarter was 40.8 percent compared to 39.2 percent in the third quarter and 36.6 percent in the second quarter of 2010.

The FNC RPI also predicts that more foreclosure sales are expected since lenders announced in December that they would resume foreclosure sales following the “robo-signing” controversy.

HOME LOANS CAN BE CONFUSING

YOU'VE GOT QUESTIONS

WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?

DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?

WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?

WE MAKE IT SIMPLE

WE'VE GOT ANSWERS

CALCULATE YOUR MORTGAGE PAYMENT

BENEFITS OF REFINANCING YOUR MORTGAGE

ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN

THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.

INSIDER CAR BUYING TIPS

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.

BUYING VS LEASING

There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.

DEALER OR BANK FINANCING

Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.

BUYING ON THE INTERNET

Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.

AUTO LOAN CALCULATOR

Calculate how much you can afford

BUYING OR SELLING A HOME IS A BIG DECISION

WE MAKE IT EASIER

HOME BUYING TIPS

HOME SELLING TIPS

SEARCH FOR A HOME

Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.

FIND THE CREDIT CARD THAT'S RIGHT FOR YOU

THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.

YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS