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Home Prices at June 2004 Levels, 16% Below the Peak
ThernFederal Housing Finance Agency (FHFA) has released its House Price Index (HPI)</afor August which shows a 0.7 percent increase in prices compared to July. For the 12 months ending in August, U.S. pricesrnrose 4.7 percent. July figures werernrevised downward in the report from a 0.2 percent increase to 0.1. </p
Homernprices nationally are now at approximately the same level as in June 2004 andrnare 15.9 percent below the peak in prices reached in April 2007. FHFA’s bases its index on the purchase pricernof houses with mortgages owned or guaranteed by Fannie Mae or Freddie Mac.</p
For the nine census divisions, seasonally adjusted monthly price changes from July to Augustrnranged from -0.5 percent in the East South Central division (Kentucky, Tennessee, Mississippi, Alabama) to +3.0 percent in the Pacificrndivision (Hawaii, Alaska, Washington,rnOregon, California while the 12-month changes ranged from 0.4 percent in the Middle Atlantic division (New York,rnNew Jersey, Pennsylvania) torn+11.4 percent in the Mountain division (Montana, Idaho,rnWyoming, Nevada,rnUtah, Colorado, Arizona, New Mexico.</p
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