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FNC Price Index Rises in March for 13th Straight Month

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The latest Residential Price Index (RPI) from FNC, Inc., shows home price gains continuing in March for the 13th straight month. The index, which is based on recorded sales of non-distressed properties in the nation's 100 largest metros, rose 0.4 percent month-over-month in March and 5.5 percent year-over-year. On a quarterly basis, prices were up 0.7 percent from Q4 2012 and 5.7 percent from Q1 2012 as of the end of March, FNC reported. As usual, growth was more accelerated in the smaller 30- and 10-metro indexes.

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Another Bank Collapses, Total Up to 13

FDIC announced Tuesday the closure of Central Arizona Bank (Scottsdale) by the Arizona Department of Financial Institutions. To protect depositors of the failed bank, FDIC entered into a purchase and assumption agreement with Western State Bank (Devils Lake, North Dakota).

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Closing Rates Fall in April as Purchase Loans Gain Greater Share

According to Ellie Mae's findings, purchase loans made up 42 percent of loans closed in April, up from 38 percent in March, while refinances represented 58 percent. According to Ellie Mae president and COO Jonathan Corr, the last time purchase loans broke the 40 percent mark was July 2012. Among purchase loans, the closing rate was about 58.2 percent, while the rate for refinances was 50.5 percent. The overall closing rate for loans analyzed in the sample was 53.2 percent, a pull back from March.

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