Slight Home-Price Increase In GSEs’ Portfolios

ome prices rose 0.9% on a seasonally adjusted basis from April to May, according to the Federal Housing Finance Agency's (FHFA) monthly [link=http://www.fhfa.gov/webfiles/14606/MonthlyMayHPI2q09m05F.pdf][u]House Price Index[/u][/link] (HPI). The FHFA revised the 0.1% decline reported for April to a 0.3% decline. For the 12 months ending in May, U.S. prices fell 5.6%. "Revisions and volatility of the monthly index make it hard to draw any conclusions, but the seasonally adjusted HPI for the first five months of this year is up 0.3 percent, or 0.7 percent on an annualized basis," says FHFA Director James Lockhart. 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 April to May ranged from -2.0% in the New England Division to +2.7% in the Pacific Division. SOURC

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