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FHFA Price Increases more Modest than Case-Shiller
The Federal Housing Finance Agencyrn(FHFA) reported that home prices rose 2.0 percent in the third quarter comparedrnto the second quarter and 8.4 percent from the third quarter of 2012. These increases were more modest that thosernreleased by S&P/Case-Shiller today, increases of 3.2 percent and 11.2rnpercent. The monthly price figuresrnreleased by the agency show an increase of 0.3 percent from August tornSeptember.</p
FHFA calculates is information fromrnprices of home purchases with mortgages sold to or guaranteed by Fannie Mae andrnFreddie Mac. That data is supplemented withrninformation from county recorded offices and the Federal HousingrnAdministration.</p
The third quarter HPI rose in 48 states</band the District of Columbia. Largernquarter-over-quarter and one year increases were noted in Nevada, (7.23 and 25.16rnpercent), California (4.94 and 22.78 percent), Arizona (2.69 and 15.24 percent),rnFlorida (+3.24 and 11.99 percent), and Washington (3.18 and 11.92 percent.)</p
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The Pacific Region posted a 4.2 percentrnincrease for the quarter and 19.2 percent compared to one year earlier. The East South Central Division had thernweakest increase, up 0.8 percent from the second quarter.</p
Among metro areas the greatest thirdrnquarter increases were in the Stockton-Lodi California area, up 8.3rnpercent. Prices were weakest in VirginiarnBeach, Norfolk Newport News, Virginia/North Carolina area where prices fell 2.2rnpercent.</p
On an annual basis only Winston-Salemrnamong all of the largest MSAs had a price decrease. Eleven of those with the highest rates ofrnappreciation were in California.</p
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Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.
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