House prices on the Federal Housing Finance Agency
index dropped 6.3% in May from one year ago.
The FHFA calculates its monthly index from the purchase prices of homes backing mortgages sold or guaranteed by Fannie Mae
and Freddie Mac
Prices did rise 0.4% from the month before. Both the yearly drop and the monthly increase nearly mirrored the Radar Logic index
released Thursday as well. The FHFA reported house prices remained 19.6% below the peak in April 2007.
The steepest monthly drop in prices was 1% in the West South Central Division as mapped by the Census Burea. This area includes Texas, Louisiana, Arkansas and Oklahoma.
Prices did increase 2% in the Mountain Division, which includes Colorado, Arizona, and Nevada.
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