Home prices fell again in October, according to the Federal Housing Finance Agency (FHFA), which released its monthly home price data today.
On a monthly basis, the FHFA home price index, which measures prices on homes with mortgages owned or guaranteed by Fannie Mae and Freddie Mac, dipped 1.1%. But it declined 7.5% compared to the same month last year.
Foreclosures are certainly a factor in these trends; prices on foreclosed homes are putting price pressure on both new- and existing-home sales prices.
The Pacific region, which includes Hawaii, Alaska, Washington, Oregon, and California, continues to be a problem area; prices dropped there by 21.3% year-over-year. The West South Central region, which includes Oklahoma, Arkansas, Texas, and Louisiana, turned in the strongest regional performance with a year-over-year price growth of 0.5%.
Alison Rice is senior editor, online, at BUILDER magazine.