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Home prices dip again in FNC index
U.S. home prices fell 0.4% in November from October, the fourth-straight monthly decline according to FNC's residential price index. November prices also decreased 4.6% from a year earlier, though FNC said year-over-year declines have stabilized in recent months. The Oxford, Miss.-based company said delinquent mortgages and foreclosures continue to handcuff the housing market. FNC's measure excludes sales of foreclosed homes and is not seasonally adjusted. CoreLogic (CLGX) reported last week a 4.3% year-over-year drop in national home prices for November. Without distressed sales, which include all short sales and REO deals, the analytics firm said prices fell just 0.6% from November 2010. San Antonio showed the largest monthly growth among metro areas measured by FNC, as prices increased 2.1% from October. Prices grew 3.9% in the South Texas metro since the peak of the U.S. housing market, and is one of two metros to show an increase since the bubble. Houston prices rose 0.2% since the peak, benchmarked at July 2006 by FNC. Atlanta home prices fell 2.7% from October, the biggest monthly drop. The metro also led the country in year-over-year depreciation at 13.2%, followed by Las Vegas at 11.9% and three Florida markets — Tampa (11.1%), Orlando (10.4%) and Miami (9.3%). Only San Francisco and Detroit home prices improved year-over-year at 3% and 0.9%, respectively. (Click chart to expand.)