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FHFA home-price index down 6.3 percent for year ending in May.

The Federal Housing Finance Agency's monthly House Price Index for purchase transactions rose a modest 0.4 percent in the one-month period from April to May, but for the one-year period ending in May 2011 national prices were down 6.3 percent. The U.S. index (seasonally adjusted) was down 19.6 percent from its April 2007 peak, and May's reading is roughly equal to the January 2004 home-price index level.

The index is based on purchase prices for houses financed by Fannie Mae or Freddie Mac loans. Of the nine census regions measured, two showed price declines in the April-to-May period. The Mid-Atlantic region was down by 0.8 percent and the West South Central region was down by 1 percent. The Pacific census region showed prices remaining unchanged during this period.

Home prices in the East South Central region rose by 1.3 percent, while prices in the Mountain region rose by 2 percent. Prices in the West North Central region rose by 1 percent and prices in the South Atlantic region rose by 0.9 percent.

The Pacific region lost the most in the one-year period from May 2010 to May 2011, falling by 9.9 percent. The region where the one-year price movement was the most modest was in the New England area, where prices dropped by 2.6 percent.
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Title Annotation:Briefing Book
Comment:FHFA home-price index down 6.3 percent for year ending in May.(Briefing Book)
Publication:Mortgage Banking
Date:Sep 1, 2011
Words:224
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