Home Prices End Recent Seasonal Rebound with 0.8% Decline in August

Oxford, Miss. (October 20, 2011) – FNC’s latest Residential Price Index, released Thursday, indicates U.S. home prices declined in August despite strong existing home sales during the month. This decline reverses a modest fourth-month long seasonal uptrend. Amid weak economic fundamentals, home prices -- as well as a number of key leading housing indicators including new housing starts and building permits -- signal a likely scenario of continued housing weakness in the months ahead. Based on the latest data on non-distressed home sales (existing and new homes), FNC’s Residential Price