U.S. house prices increased 0.4% in August, almost regaining the 0.7% revised decrease in July, but fell more than 2% from a year ago, according to the Federal Housing Finance Agency monthly House Price Index. Prices fell 2.4% in August from the year before and remain 13.6% below the peak in April 2007. In August, prices reached roughly the same point in the FHFA index measured in October 2004, heading up to the peak. The FHFA calculates is monthly index using purchase prices of houses backing mortgages sold to Fannie Mae and Freddie Mac. The FHFA has held those two companies in conservatorship since 2008. The analytics firm Clear Capital warned of possible new lows in prices heading into 2011 after sharp drops in October. The Standard & Poor’s/ Case-Shiller 20-city index for August showed a 1.7% increase from a year ago and a 0.2% drop from July. For the nine Census divisions measured by the FHFA index, prices ranged from a 0.6% decline in the Mountain Division to a 1.5% increase in the West South Central Division. Write to Jon Prior.
FHFA house prices up 0.4% in August, down from year-ago
Most Popular Articles
Latest Articles
Labor market report is good news for mortgage rates
Friday’s jobs report came in as a miss of estimates and wage growth came in lower than expected, which is good news for mortgage rates.
-
Virginia Realtors: Zillow’s touring agreement may not be legal
-
Low inventory creates challenging conditions in North Carolina’s housing market
-
Tri-state area housing shortage could cost the region economically
-
Remote reverse mortgage counseling now permanently permitted in Massachusetts
-
NAR settlement terms slated to go into effect in mid-August