FHFA House Price Index Rose 0.8% From March To April

ouse prices rose 0.8% on a seasonally adjusted basis from March to April, according to the Federal Housing Finance Agency's (FHFA) monthly House Price Index, which is calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac. For the 12 months ending in April, U.S. prices fell 1.5%, the FHFA says, adding that the U.S. index is 12.8% below its April 2007 peak. For the nine Census Divisions, seasonally adjusted monthly price changes from March to April ranged from -1.3% in the Middle Atlantic Division to +2.4% in the East North Central Division. Federal tax credits for first-time home buyers and existing homeowners contributed to the strength of house prices in April, the FHFA says. The tax credits, which required that purchase contracts be signed by the end of April, increased sales volumes dramatically during the month and, in some cases, likely increased bidding prices. SOURCE: [link=http://www.fhfa.gov/webfiles/15865/HPIApr2010PR62210.pdf]Federal Housing Finance Agency


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