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Home Price Decline...
According to Freddie Mac announced on May 26, 2010 that its Conventional Mortgage Home Price Index(CMHPI) Purchase-Only Series for the United States registered a 1.1 % decline from the first quarter of 2009 to the first quarter of 2010. In the first quarter of 2010, the U.S. Index was down 2.1 percent (-8.0 percent annualized) relative to the fourth quarter, on a not-seasonally adjusted basis. House price measures tend to show a lot of seasonality, with values lower during the slow home-selling months of autumn and winter and higher during the greater-activity months of spring and summer. Examining year-over-year home-value changes largely controls for seasonality. Compared with the first quarter of 2009, the national index dipped slightly - down 1.1% - with three-of-nine regions posting price gains. Houses in the Pacific region were up 4.5 % over the past year, and in the Middle Atlantic and West South Central states prices were up about one percentage point, on average. While values were up the most in the Pacific region over the past year, this gain occurred after values had fallen more than 30 percent over the two prior years, from the beginning of 2007 to the beginning of 2009. The CMHPI Purchase-Only Series includes only ... more
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