FHFA Price Index Drops 0.6% From December To January

U.S. house prices fell 0.6% on a seasonally adjusted basis from December to January, according to the Federal Housing Finance Agency's (FHFA) monthly House Price Index.

The previously reported 1.6% decline in December was revised downward to a 2% decline. For the 12 months ending in January, U.S. prices fell 3.3%, and the U.S. index is 13.2% below its April 2007 peak, the FHFA says.

The FHFA monthly 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 December to January ranged from a 1.8% drop in the East North Central Division to a 2% gain in the Mountain Division.

SOURCE: Federal Housing Finance Agency

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