US Home Prices Up 1.7% In January From December - FHFA
March 24 2009 - 9:59AM
Dow Jones News
A regulator says U.S. home prices rose in January, a favorable
sign in the housing crisis.
Prices climbed 1.7% on a seasonally adjusted basis in January
from the prior month, according to the Federal Housing Finance
Agency on Tuesday.
December's previously reported 0.1% increase was revised to a
0.2% decline.
For the 12 months ended in January, U.S. prices fell 6.3%. The
index is 9.6% below its April 2007 peak. The small increase in
January suggests prices might stop their long descent and push
consumers from the sidelines and into the purchase of a home.
The FHFA monthly index is calculated using purchase prices of
houses backing mortgages sold to or guaranteed by Fannie Mae (FNM)
or Freddie Mac (FRE).
-By Jeff Bater, Dow Jones Newswires; 202-862-9249;
jeff.bater@dowjones.com