Monthly FHFA house price index rises slightly in October
U.S. house prices rose 0.7% on a seasonally adjusted basis from September to October, according to the Federal Housing Finance Agency’s monthly House Price Index. The previously reported 0.7% decrease in September was revised downward to a 1.2% decrease. For the 12 months ending in October, U.S. prices fell 3.4%. The U.S. index is 14.5% below its April 2007 peak. The FHFA index is calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac. For the nine census divisions, seasonally adjusted monthly price changes from September to October ranged from -2.3% in the East South Central division (Kentucky, Tennessee, Mississippi, Alabama) to +2.1% in the East North Central division (Michigan, Wisconsin, Illinois, Indiana, Ohio). Write to Kerry Curry.