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December 17, 2013
FNC Index: October Home Prices Up; Pace Slows
U.S. home prices continue to rise in October despite signs of decreasing mortgage and home sale activity. The latest FNC Residential Price Index™ (RPI) shows October home prices are up, albeit at a slower pace than previous months. The index, constructed to gauge underlying property value based on non-distressed home sales, showed a 0.3% month-over-month increase from September to October—its weakest acceleration in eight months.
The deceleration in the pace of price increase is expected as the housing market heads into the winter low season after strong growth in the spring and summer. Sustained by moderate economic growth and job creation, housing market fundamentals are expected to improve continually as indicators of distressed mortgages and home foreclosures continue to point to new lows.
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