By Dees Stribling | MHN Online
Another indication that the housing recovery still has some legs: FNC reported on Monday that its Residential Price Index, which tracks the 100 largest U.S. metro areas, was up 0.7 percent in July compared with June. Compared with a year ago, the increase was a relatively modest 3.7 percent, however.
Still, the index has reached a three-year high, with declines in foreclosure sales and new foreclosure filings now having a diminished impact on home prices. As of July, foreclosure sales nationwide were approaching the pre-crisis levels, according to FNC. Foreclosure sales accounted for 12.2 percent of total home sales, down from 17.3 percent a year ago.
FNC’s index is based on a database that blends public records of residential sales prices with appraisals of property and neighborhood attributes. As a gauge of underlying home values, the index excludes sales of foreclosed homes, which tend to trade at large discounts.
