Recent government reports are indicating that although housing prices are still in decline, that decline is slowing. According to the Federal Housing Finance Agency, U.S. home prices fell from 0.1 percent between March and April, nationwide. The month before, the decline was 1.4 percent.
When we look at the decline from a year’s span ending in April of this year, prices were down 6.8 percent. Compared with April of 2007, prices are down 11.2 percent.
These reports are from the FHFA, which included only sales with mortgages that have been sold or guaranteed by Fannie Mae and Freddie Mac.
FHFA director James Lockhart said that, “although monthly data are volatile, we may be starting to see signs of stabilization in prices for houses funded by conventional, conforming loans, as the Housing Price Index is down only 0.3 percent for the first four months of the year.”
Whether home price declines are turning around or just leveling off, its encouraging to see a market that is returning to some level of stability. Hopefully conditions will continue to improve.
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*Source: Pacific Business Journals