Tags: fhfa | house | price

FHFA: House Prices Rose in April for a Third Month

Thursday, 21 June 2012 10:54 AM

U.S. house prices rose 0.8 percent in April from the previous month, the third straight advance, as the property market showed signs of stabilization, the Federal Housing Finance Agency said.

The increase beat the 0.4 percent gain that was the average estimate of 19 analysts in a Bloomberg survey. Prices rose 3 percent from a year earlier, the FHFA said in a statement Thursday.

Job gains, low interest rates and a tight supply of homes for sale are boosting property prices following the worst slump since the Great Depression. Home seizures in May fell 18 percent from a year earlier even as initial notices of default rose, a sign that banks are turning to alternatives to foreclosures that depress values, RealtyTrac Inc. said on June 14.

The FHFA index, which measures price changes of single- family houses, showed increases in six of the nine regions covered. The gain was led by a 2.2 percent jump in the area that includes California and Oregon. Prices fell 1.2 percent in the region that includes Massachusetts and Maine.

Confidence among homebuilders is improving and permits, a proxy for future construction, climbed to the highest level since 2008, the Commerce Department reported June 19.

The FHFA report is based on changes in real estate values using purchases of properties with mortgages backed by Fannie Mae or Freddie Mac. It doesn’t provide a specific price for homes. The median home price, as measured by the National Association of Realtors, was $177,400 in April.

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Thursday, 21 June 2012 10:54 AM
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