Rising U.S. House Price Index is Now at Same Level as August 2004

Rising U.S. House Price Index is Now at Same Level as August 2004For the 12 months ending in November, U.S. home prices rose 5.6 percent, according to an index from the regulator over Fannie Mae and Freddie Mac.
From October to November, prices rose 0.6 percent on a seasonally adjusted basis, according to the Federal Housing Finance Agency’s monthly House Price Index (HPI).  The previously reported 0.5 percent increase in October was revised upward to a 0.6 percent increase.
The U.S. index is 15.2 percent below its April 2007 peak and is about the same as the August 2004 index level. National home prices have not declined on a monthly basis since January 2012.
FHFA uses the purchase prices of houses with mortgages owned or guaranteed by Fannie Mae or Freddie Mac to calculate the monthly index.  Fannie and Freddie own or back about 60 percent of U.S. mortgages.
Over the nine U.S. census divisions, seasonally adjusted monthly price changes from October to November ranged from -1.0 percent in the East North Central division (Michigan, Wisconsin, Illinois, Indiana, Ohio) to +2.1 percent in the Mountain division (Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, New Mexico).
While the 12-month changes ranged from +0.5 percent in the Middle Atlantic division (New York, New Jersey, Pennsylvania) to +14.8 percent in the Mountain division.

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