FHFA home prices fall 1.8% in November
Home prices declined 1.8% in November from a year earlier in the latest Federal Housing Finance Agency price index. The seasonally adjusted index rose 1% from October, when prices fell a revised 0.7% on a monthly basis. The FHFA calculates its index using the purchase price of mortgages sold to or guaranteed by Fannie Mae or Freddie Mac. November prices were 18.8% below the April 2007 peak, and equated to February 2004 levels. (Click chart to expand.) Andrew Scoggin. Follow him on Twitter @AScoggin.