House prices tacked on another increase
in April, bringing the annual increase to 3.0 percent according to the Federal
Housing Finance Agency’s (FHFA’s) Home Price Index (HPI) issued on
Thursday. April’s HPI was up 0.8 percent
from March although the March increase was revised down from the 1.8 percent
increase originally reported to 1.6 percent.
The current HPI which is calculated
using purchases prices of houses backing mortgages that have been sold to or
guaranteed by Freddie Mac or Fannie Mac is 186.8. In April 2011 I was 181.3.
Prices were up in six of the nine census
regions with the largest increase in the Pacific and Mountain regions at 2.2
percent and 1.9 percent respectively. The
largest decrease was in New England, down 1.2 percent.
The U.S. Index is 17.6 percent below its
peak in April 2007 and is roughly the same as in April 2004.