Home prices dropped 0.2% in October from the previous month, the Federal Housing Finance Agency said Thursday.
The agency’s seasonally adjusted house price index decreased 2.8% from a year ago. The September measure was adjusted lower to a 0.4% increase from an initial 0.9% reading.
The home price index, calculated using data from Fannie Mae and Freddie Mac mortgages, rose 0.2% in the third quarter on a seasonally adjusted basis.
October prices were 19.2% lower than the April 2007 peak for the index and are at levels comparable to February 2004.
Only two regions, as measured by the FHFA, saw yearly increases, albeit minimal. Prices rose 0.7% collectively in Arkansas, Louisiana, Oklahoma and Texas, and inched higher by 0.1% in Alabama, Kentucky, Mississippi and Tennessee.
Values dipped the most from October 2010 at 5.5% in the Pacific region, made up of Alaska, California, Hawaii, Oregon and Washington.
The FHFA is the regulator and conservator for Fannie Maeand Freddie Mac.
The author of this article is: Andrew Scoggin
See the original post at: http://www.housingwire.com/2011/12/22/fhfa-home-prices-dip-0-2-in-october
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