July Home Prices Rise — FHFA
The Federal Housing Finance Agency (FHFA) reported this morning that U.S. home prices rose 0.2% month-over-month in July, following a downward revision of the April housing price index to a gain of 0.6%. For the 12-month period ending in July…
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The FHFA monthly index is calculated using purchase prices of houses with mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac.
Home prices are recovering fastest in the Mountain states, which saw a price hike of 11.9% compared with July of 2011. Only New England and the Middle Atlantic regions continue to show falling prices. Home prices in New England are down 0.5% and in the Mid-Atlantic states down 1.4% since July 2011.
This month’s FHFA index offers a further indication that the housing market is recovering. This morning’s S&P/Case-Shiller housing price index for July showed an increase in all cities included in the calculations.
Paul Ausick
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
