Wednesday, March 24, 2010
House prices dipped in January, as the housing real estate market continues its rocky recovery, a report released Tuesday showed.
House prices fell 0.6 percent on a time adjusted basis from December to January, according to the Federal Housing Finance Agency's House Price Index. That's a lesser drop than the downwardly revised decline of 2 percent from November to December, the index showed.
The index had risen for two months in a row before its December drop. The index is at present 13.2 percent below its April 2007 peak.
For the 12-month period ending in January, home prices fell 3.3 percent.The index had risen for two months in a row before its December drop. The index is at present 13.2 percent below its April 2007 peak.
Dropping house prices can impede the nation's economic recovery. For most Americans, their house is their largest asset, so as values climb homeowners feel wealthier and more comfortable spending.
Rising prices will also aid restore equity for homeowners who currently owe more on their mortgages than their properties are value.
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by World House Info @ 6:04 AM
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