The index rose 2.7% in the past month to 9.88% at the end of July. This marks a relatively low month-to-month gain, compared to the average of 7% seen between February and May. It also is down from 3.9% in June.
While the 2006 vintage saw a month-to-month gain of 12.9%, the index registered a lower gain or declines in other recent vintages from 2004 on. Previous gains in the 2006 vintage have been stronger.
Fitch Solutions found two consecutive monthly declines in the 2007 vintage (-4.3% and -6%) to be particularly notable in contrast to the 7.1% and 12.2% appreciation that vintage saw in April and May.
