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FHFA Home Price Index Up 0.6% in October

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US housing prices increased 0.6% on a seasonally adjusted basis from September to October, according to the Federal Housing Finance Agency’s (FHFA) monthly house price index. The increase comes after the FHFA adjusted the index’s August to September reading from no change to a 0.4% decline. For the 12 months ending in October, prices fell 1.9%. The index is 10.8% below its April 2007 peak. The index is a gauge of purchase prices of homes financed by mortgages sold to or guaranteed by Fannie Mae (FNM) or Freddie Mac (FRE). Regionally, the Pacific census division experienced the greatest month-over-month increase at 3.7%, followed by the Middle Atlantic (1.8%), East South Central (1.6%), Mountain (0.8%), West South Central (0.5%) and West North Central (0.2%). New England was flat month-over-month, and the South Atlantic and East North Central divisions experienced month-over-month declines of 1.1% and 0.6%, respectively. For the 12 months ending in October, no division experienced an increase. The West South Central division remained flat. The Mountain division experienced the greatest decline at 7.5%, followed by the South Atlantic (4.1%), East North Central (1.9%), New England (1.8%), Middle Atlantic (1.6%), West North Central (0.7%), East South Central (0.4%) and Pacific (0.3%) divisions. Write to Austin Kilgore. The author held no relevant investments.

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