The latest Residential Price Index (RPI) from research firm FNC was released yesterday for the month of November, and as expected, it reported that home prices are still in a sensitive spot with foreclosures and seriously delinquent mortgages still relatively common place on the housing market.
For November, single-family home prices fell by a seasonally unadjusted rate of 0.4 percent, which marks the fourth consecutive month of residential property value declines for the RPI.
The RPI differs from other price indices in that it does not incorporate the sale of foreclosed and distressed properties, which are sold at discounted prices and reflect poorly on the overall home value scenario. So whereas the CoreLogic Home Price Index, which does count distressed sales, declined by 4.3 percent from last year, the RPI did not post similar declines.
All three of the RPI composites, which cover 30 metropolitan areas, 10 metro areas and the national index, showed monthly declines in November, with the 10-MSA showing the biggest decline at 0.9 percent. Year-to-date, the housing markets of San Francisco, San Antonio and Minneapolis are showing the most promising price trends, while the markets in Las Vegas, Atlanta and Miami continue to struggle. In fact, San Francisco was one of only two markets, the other being Detroit, to show price appreciation from a year ago, with home values up 3 percent.