SOURCE: FNC Inc.

FNC Inc.

September 28, 2010 11:51 ET

FNC Study: Baltimore Homes Had Highest Increase in Value in Past Decade

FNC Cutting Edge Real Estate Index Examines New Data on 30 Cities

OXFORD, MS--(Marketwire - September 28, 2010) -  Break out the crab cakes and Natty Bo beer! In Baltimore, home values increased at a robust 7% annual rate, higher than any other U.S. metropolis since the real estate bubble burst.

FNC's study might surprise Americans who view Baltimore only as depicted on television -- as a gritty backdrop for The Wire's gangsters, strippers, dockworkers, bleak-eyed journalists and broken-hearted cops.

FNC, the company that revolutionized mortgage software, created the Residential Price Index (RPI) using public records plus 78 million appraisals shared by banking clients.

Senior FNC economist Yanling Mayer conducted the study and found Los Angeles home values and others surprisingly strong. Her list of cities where long-term homeowners triumph:

  • Seattle 5.7% increase
  • Washington, D.C. 4.5%
  •  Los Angeles 3.8%
  • Portland 3.8%
  • San Antonio 3.2%
  • New York 3.1%
  • Nashville 2.8%
  •  St. Louis 2.4%

FNC is offering the RPI free, hoping it will be useful to banks, journalists, and government officials. Check it out at http://www.fncresidentialpriceindex.com/.

FNC cofounder and economist Robert Dorsey was delighted the index held such good news for residents of Baltimore, a city he praised for its rich cultural and literary heritage.

"It's wonderful when solid statistical research explodes stereotypes," Dorsey said. "Too often in this housing crisis, people have had only state records, which are often in disarray, or incomplete information from indexes on which to base actions and policies. We hope the RPI will help cities, banks, investors and others make better informed decisions. The data pool we assembled over the past 10 years is sweeping and in-depth."

FNC found Detroit homes suffered worst, depreciating 5.2% annually since 2003. Las Vegas and Phoenix long-term values dropped about 3% per year followed by Sacramento (1.7%), Minneapolis (1.6%), Atlanta (1.5%), Cleveland (1.2%) and San Francisco (1%).

About FNC Inc.
Since 1999, FNC has pioneered real estate information technology, automated appraisal ordering, tracking, documentation and review for lender and servicer compliance with government regulations. FNC's platforms are in production at seven of the 10 largest U.S. mortgage lenders and provide value to large and small lenders with reduced costs and more efficient loan processing. With collateral management platforms, data and analytics, FNC provides advanced insight into the property backing a loan from origination to capital markets. Visit FNC online at www.fncinc.com.

Contact Information

  • To arrange an interview with Dr. Dorsey or any of FNC's mortgage industry experts, contact:

    Bill Dabney
    FNC Public Relations Manager
    Phone 662/236.8304
    Email Contact