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November Home Prices Barely Up in Latest Index

Home-MoneyHome prices barely edged up from October to November, maintaining the nearly flat trajectory that has been the trend in the last few months.

Black Knight Financial Services reported Monday that its Home Price Index (HPI) rose 0.1 percent month-over-month in November to a value of $241,000. Compared to a year ago, November's index was up 4.5 percent.

With the most recent change, prices are still off from their 2006 peak by about 10.1 percent, Black Knight said.

Black Knight's HPI is the third measure of November home prices to come out in the last week. On Thursday, the Federal Housing Finance Agency released its own index, which showed a monthly gain of 0.8 percent. The same day, FNC Inc. put out its Residential Price Index, which was unchanged from October to November. FHFA's gauge tracks mortgages sold to or guaranteed by the GSEs, while FNC's index is different in that it excludes REO and foreclosure sales.

Set for release Tuesday is the popular S&P/Case-Shiller index, which measures home price changes nationally and in 20 of the nation's top metro markets. Economists expect that index will show a seasonally adjusted month-over-month gain of 0.6 percent in the 20-city measure.

Montana and Texas were the biggest winners in Black Knight's index, posting month-over-month price increases of 0.7 percent each. New Mexico and Wyoming followed at 0.5 percent.

At the other end, Vermont turned in the worst performance, with home prices falling 0.7 percent. Michigan and Rhode Island were also among the poorest states for November, each reporting a drop of 0.6 percent.

At the metro level, Florida continued to dominate the list of best performers, with Lakeland and Naples both showing up in the top three markets (at 0.8 percent appreciation each) and Port St. Lucie (0.7 percent), Cape Coral (0.6 percent), Punta Gorda (0.6 percent), and the Villages (0.6 percent) all making it into the top 10 biggest movers. The state as a whole reported an increase of 0.3 percent in home prices.

About Author: Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.

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