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Home Prices Up 0.7% in July as Foreclosure Sales Decline

""FNC's Residential Price Index"":http://fncrpi.com/default.aspx (RPI) closed in on a three-year high in July as discounted foreclosure sales approached pre-crisis levels.

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The July index rose 0.7 percent month-over-month, FNC reported. The narrower 10- and 30-city indexes were also each up 0.7 percent.

Year-over-year, the national index rose 3.9 percent, while the 10- and 30-city composites rose 3.7 percent and 4.2 percent, respectively.

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""The rapid declines in foreclosure sales and new foreclosure filings have diminished the impact of distressed properties on home prices,"" FNC said in its monthly release. ""Meanwhile, steadily rising home prices and an expectation of continued recovery have stimulated housing turnover by prospective buyers who are in a position to take advantage of affordable home prices.""

Foreclosure sales accounted for an estimated 12.2 percent of July's total home sales, down more than 5 percentage points from last July. The latest August median sales-to-list price ratio rose to 97.2--reflecting a 2.8 percent listing price markdown among closed sales--from 93.9 a year ago.

Of all the markets tracked in the 30-market composite index, 28 reported month-over-month price improvements, with San Antonio (0.0 percent) and Dallas (-0.5 percent) being the only exceptions. Year-over-year, only New York (-0.8 percent) and Columbus (-0.5 percent) posted price declines, while Cleveland was flat.

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