FHFA: Home Prices Decline 0.2% in October

Home prices in the U.S. decreased 0.2 percent on a seasonally adjusted basis in October, according to the Federal Housing Finance Agency’s (FHFA) House Price Index released Thursday. On a yearly basis, prices declined 2.8 percent in October.

This slight decrease brings prices to levels seen in February 2004.
Current prices are about 19.2 percent below their peak in April 2007.
FHFA also revised the previous month’s index, lowering the 0.9 percent increase reported for September to a 0.4 percent increase.
FHFA calculates monthly purchase prices of homes backed by Fannie Mae and Freddie Mac mortgages.
On a regional basis, two of nine regions saw increases from October 2010 to October 2011 – the West South Central region (0.7 percent) and the East South Central region (0.1 percent).