November Home Prices Decline 0.4%

FNC’s latest Residential Price Index™ (RPI), released Wednesday, indicates that U.S. home prices continued to decline despite recent signs of job recovery and rising home sales and new residential constructions. The continued price retreat comes as no surprise as the housing market remains constrained by high volumes of delinquent mortgages and home foreclosures. November marks the fourth consecutive month-to-month declines in residential property value. Modest downward pressure on home prices remains as banks continue to work through the backlog of delinquent mortgages and REO properties.