“News Flash, Fannie/Freddie Say Home Prices Moving up”
I’m not sure there is a Realtor in this country who hasn’t been saying the same thing for months. At the same time appraisals continue to be a problem. The AMC’s and their appraiser networks were certainly quick to downgrade values by saying that most markets have declining values, but how many are adjusting values upward because purchase prices are increasing and they are using old comps? The answer, very few if any.
It is the same as the price of gas, it sure does move up in a hurry, but it sure doesn’t come down very quickly.
Let me know what you think…………….
Fannie/Freddie Transaction Show Rising Home Prices
By: Brian Collins
House prices rose nearly 1% in April after a 1.6% increase in March, according to a house price index based on Fannie Mae and Freddie Mac purchase mortgage transactions.
The HPI published by the Federal Housing Finance Agency has edged up three consecutive months, including 0.8% in April. The seasonally adjusted FHFA HPI is 3% higher than in April 2011.
The FHFA tracks house prices in nine regions. Over the previous 12 months, prices are down in only two regions, New England (2.6%) and the mid-Atlantic (0.9%).
Prices in the Western Mountain states are up 6.5% since April 2011. The Mountain states include Montana, Idaho, Wyoming, Nevada, Utah, Colorado Arizona and New Mexico.
image: renjith krishnan/freedigitalphotos.net