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February 18, 2013
Foreclosure Market Report February 2013
The latest FNC Residential Price Index™ (RPI) shows continuing momentum in the U.S. housing market with home prices rising to a two-year high in December.
Despite widening signs that a housing recovery appears to be well underway, front and center remains the question whether the ongoing recovery will sustain for the long haul, since home foreclosures continue to be a challenge in many hard-hit markets, particularly those undergoing a judicial foreclosure process.
According to the report, foreclosure prices have bottomed out in recent months and the foreclosure market has stabilized while underlying home values are rising. Foreclosure prices are at a 10-year low when the sizes of foreclosed homes are factored in.
This trend of a rising underlying market accompanied by stabilizing foreclosure prices is the first encouraging development in the housing recession.
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