WASHINGTON (2/24/12)--U.S. home prices decreased by 0.1% in the fourth quarter of 2011, the Federal Housing Finance Agency (FHFA) reported.
The 0.1% decrease is based on the FHFAs seasonally adjusted purchase-only house price index (HPI), which the FHFA said is calculated from home sales price information from Fannie Mae- and Freddie Mac-acquired mortgages.
"While FHFA's national index shows a 2 percentage point price decline over the latest four quarters, twelve states and the District of Columbia posted price increases," FHFA Principal Economist Andrew Leventis noted. "When coupled with the fact that about half of all U.S. states saw price increases in the latest quarter, this growth adds to mounting evidence that real estate markets are seeing at least some signs of life," he added.
Home prices decreased by 1.1%, on an adjusted basis, during the quarter, and seasonally adjusted home prices fell 2.4% from the fourth quarter of 2010 to the fourth quarter of 2011, the FHFA said. However, the FHFA's seasonally adjusted monthly index for December was 0.7% higher than the total recorded in November.
Home prices in the West South Central census division, which includes Arkansas, Louisiana, Oklahoma and Texas, were the quarter's strongest, increasing by 1.1%. Home prices showed the sharpest decline in New York, New Jersey and Pennsylvania, falling by 1.2%.
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