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Worst-Hit Markets Continue to See Greatest Price Gains

in Data November 15, 2013 1,095 Views

Rising home sales and declining foreclosure sales have driven the highest quarterly price increase since the national housing market recovery began, according to the ""FNC Residential Price Index"":http://fncrpi.com/press_releases.aspx?pr=72 released Friday. Prices rose 2.5 percent over the quarter, according to ""FNC."":http://www.fncinc.com/

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According to FNC's 100-MSA composite, which observes prices in the 100 largest metro areas in the country, national prices have risen 11 percent since the beginning of the recovery, which FNC considers the start of 2012.

""Continuing to lead in the recovery are the markets in high distress during the 2008-2009 mortgage crisis,"" FNC stated in its Friday press release.

Phoenix posted the highest cumulative price gain since the start of the recovery--a 46.2 percent increase.

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The rest of the top five gains were recorded in Las Vegas (38.3 percent), Riverside, California (23.5 percent), Los Angeles (22.7 percent), and Orlando, Florida (20.5 percent).

The FNC 100-MSA index recorded a 0.5 percent price gain over the month of September.

Prices increased 6.2 percent from September last year to September this year and 5.7 percent from the third quarter of 2012 to the third quarter of 2013, according to FNC.

FNC reported 27 of the 30 metro areas in the FNC 30-MSA index experienced rising prices over the month of September.

Miami and Riverside, California, topped the index with price gains of 2 percent over the month. They were followed closely by Baltimore and Charlotte, North Carolina, both of which posted increases of 1.9 percent.

The three cities to register price declines in September were St. Louis (-1.3 percent), New York (-0.6 percent), and Denver (-0.3 percent).

Both Denver and St. Louis experienced a rise in foreclosure sales in September, which FNC deemed as the culprit in both cities' September price declines.

In St. Louis foreclosure sales made up almost 30 percent of September home sales, according to FNC.

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About Author: Krista Franks Brock

Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia.
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