FHFA: Home Prices Rise 1.1 Percent in Q3 – NMP Skip to main content

FHFA: Home Prices Rise 1.1 Percent in Q3

NationalMortgageProfessional.com
Nov 27, 2012

U.S. house prices rose 1.1 percent from the second quarter to the third quarter of 2012 according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted purchase-only house price index (HPI). The HPI is calculated using home sales price information from Fannie Mae and Freddie Mac mortgages. Seasonally adjusted house prices rose four percent from the third quarter of 2011 to the third quarter of 2012. FHFA’s seasonally adjusted monthly index for September was up 0.2 percent from August. “With significant growth in home prices during the quarter and a modest inventory of homes  available for sale, house price movements in the third quarter were similar to what we observed in the spring,” said FHFA Principal Economist Andrew Leventis. “The past year has seen consistent price increases, but a number of factors continue to affect the recovery in home prices such as stagnant income growth, high unemployment levels, lingering uncertainty about the macroeconomy, and the large number of homes in the foreclosure pipeline.” FHFA’s expanded-data house price index, a metric introduced in August 2011 that adds transactions information from county recorder offices and the Federal Housing Administration to the HPI data sample, rose one percent over the latest quarter. Over the latest four quarters, the index is up 3.3 percent.  While the national, purchase-only house price index rose four percent from the third quarter of 2011 to the third quarter of 2012, prices of other goods and services rose 1.5 percent over the same period. Accordingly, the inflation-adjusted price of homes rose approximately 2.5 percent over the latest year. Significant findings include: ►The seasonally adjusted purchase-only HPI rose in the third quarter in 39 states and the District of Columbia. ►Of the nine census divisions, the Mountain division experienced the strongest increase in the latest quarter, posting a three percent price increase. House prices were weakest in the East South Central division, where prices fell 0.2 percent over the quarter. ►As measured with purchase-only indexes for the 25 most populated metropolitan areas in the U.S., third quarter price increases were greatest in the Phoenix-Mesa, Glendale, Ariz. Metropolitan Statistical Area (MSA).
Published
Nov 27, 2012
Angel Oak Home Loans Opens 3 New Branches

Continues expansion in Western U.S. with new branches in California, Nevada & Utah.

Industry News
Dec 02, 2021
Open Mortgage Names New President

Joe Stephenson, formerly of American Advisors Group, to lead daily operations.

Industry News
Dec 01, 2021
Homepoint Expands Refinance Program Offerings

Now offers Freddie Mac’s new refinance option, Refi Possible, making it easier for many homeowners with a Freddie Mac-owned mortgage to reduce their interest rate.

Industry News
Nov 30, 2021
Non-QM Lender Deephaven Hires Business Development VP

Dallas-based Tim Fisher charged with growing Deephaven’s correspondent business In Texas and surrounding states

Industry News
Nov 30, 2021
Biden Reappoints Powell As Federal Reserve Chairman

A signal that The Fed will continue its policies as inflation surges and economic uncertainty spikes due to an emerging variant of the coronavirus. 

Industry News
Nov 29, 2021
Servion Taps Sagent For Consumer-First Servicing Tech Stack

A 7-year deal between Servion Mortgage and Sagent will equip Servion with Sagent's tech stack for performing, non-performing, and consumer experience.

Tech
Nov 29, 2021