FHFA: US Home Prices Fell A Record 3.4% In 4Q 2008
February 24 2009 - 9:55AM
Dow Jones News
U.S. home prices fell a record 3.4% on a seasonally-adjusted
basis during the fourth quarter of 2008, according to a government
index released Tuesday.
The drop surpassed the 2.0% decline reported for the third
quarter and was the largest decrease in the index's 18-year
history, the Federal Housing Finance Agency said.
However, home prices rose by a seasonally-adjusted 0.1% in
December, after a downward adjustment for November.
The index includes sales prices of home purchases only, not
appraisals for refinancings. Those data are reflected in FHFA's
broader "all-transactions" home price index, which posted a more
modest 0.2% drop in the fourth quarter of last year.
-By Jessica Holzer, Dow Jones Newswires; 202-862-9228;
jessica.holzer@dowjones.com