Saturday, December 15, 2012

FNC: Residential Property Values increased 3.7% year-over-year in October

by Bill McBride on 12/15/2012 08:55:00 PM

In addition to Case-Shiller, CoreLogic, FHFA and LPS, I'm also watching the FNC, Zillow and several other house price indexes.

FNC released their October index data last night. FNC reported that their Residential Price Index™ (RPI) indicates that U.S. residential property values increased 0.4% from September to October.

From FNC: Home Prices Up 0.4% in October; Year-Over-Year Growth Acceleration Continues

Based on recorded sales of non-distressed properties (existing and new homes) in the 100 largest metropolitan areas, the FNC 100-MSA composite index shows that home prices nationally were up 0.4% in October. This was the eighth consecutive month that prices moved higher, leading to a total appreciation rate of 5.1% year to date. The year-over-year growth has accelerated rapidly since first turning positive four months ago. Foreclosures as a percentage of total home sales were 17.6% in October, down from 26.7% at the beginning of the year or 23.5% a year ago.
The year-over-year trends continued to show improvement in October, with the 100-MSA composite up 3.7% compared to October 2011. The FNC index turned positive on a year-over-year basis in July - that was the first year-over-year increase in the FNC index since year-over-year prices started declining in early 2007 (over five years ago).

Click on graph for larger image.

This graph is based on the FNC index (four composites) through October 2012. The FNC indexes are hedonic price indexes using a blend of sold homes and real-time appraisals.

The key is the indexes are now showing a year-over-year increase indicating prices probably bottomed early this year.

The October Case-Shiller index will be released on Wednesday, Dec 26th.

Earlier:
Summary for Week Ending Dec 14th
Schedule for Week of Dec 16th

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