RISMEDIA, October 11, 2010—As the U.S. housing market nosedived over the past decade, home prices in some cities improved, according to a report released this month by mortgage technology company FNC Inc. Senior FNC economist Yanling Mayer conducted the study using FNC’s new Residential Price Index and identified the top 10 U.S. cities with the greatest annual appreciation in home prices since 2003:
• Baltimore, 7% increase
• Seattle, 5.7% increase
• Washington, D.C., 4.5%
• Los Angeles, 3.8%
• Portland, 3.8%
• San Antonio, 3.2%
• New York, 3.1%
• Nashville, 2.8%
• St. Louis, 2.4%
• Columbus, OH, 1.3%
FNC’s study shows that the median U.S. price appreciation (for 60 MSAs) is up 0.6% annually over the past seven years, which positions the top 10 cities all above the national average.
FNC, a collateral management software company for the nation’s mortgage lenders and servicers, launched its Residential Price Index (RPI) in September. The index is the industry’s only hedonic model, which means it derives price trends using data from all properties within a community, not just from repeat-sale properties as other indexes do.
FNC is offering the RPI free, hoping it will be useful to banks, journalists, and government officials.
Visit FNC online at www.fncinc.com.
Copyright© 2014 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com