Two reports on Real Estate were released today. The first report from the Federal Housing Financing Agency (FHFA) reported that those homes who obtained their mortgages from FHFA appreciated 0.7% in May. These are considered more expensive homes purchased by buyers who qualified for FHFA mortgages. Even though these homes are increasing in price, it is at a steadily reduced rate of gain.
The second report was from Standard & Poors, the Case-Shiller measure of the entire housing market. This index has shown a decline in housing prices for the past three months, with substantial variation by region. Both Las Vegas and Phoenix showed declines of over 7%, while San Francisco and Seattle showed declines of over 11%. There were some areas of home appreciation, especially in Cleveland, Chicago, and New York, where prices increased by around 3%.
You can find the complete reports here:
