A rising share of distressed home sales pushed down prices on nondistressed homes for the seventh month in a row in February, according to a price index from FNC, a provider of real estate collateral management software. FNC's Residential Price Index (RPI) is a "hedonic" index based on data collected from public records and combined with appraisal data that includes information on a property's physical condition and neighborhood attributes. Sales prices of nondistressed new and existing single-family homes fell 0.8 percent in February compared to the month before and 3 percent from February 2011. Both figures are unadjusted for seasonality. The index excludes sales of bank-owned homes (REOs), short-sale homes, and homes sold at foreclosure auction. Seven consecutive months of price declines have "coincided with a rising share of distressed properties in total home sales, which climbed from 22.8 percent in July to 27 percent in February, pushing down the prices o...
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