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Home Prices Overtaking Pre-Crash Peak

Home prices nationally are now within 3 percent of the peak
they reached in March 2007.  The Federal
Housing Finance Agency (FHFA) released its purchase only Home Price Index (HPI)
for February showing that home prices increased 0.7 percent on a seasonally
adjusted basis compared to January and were 5.4 percent higher than in February
2014.  The increase brought home prices
back to January 2006 levels and within 2.7 percent of the pre-crash peak.

The numerical index number in February was 220.5 compared to
219.0 in January and 209.2 in February 2014. 
The index is calculated using home sales price information from
mortgages sold to or guaranteed by the government sponsored enterprises (GSEs)
Fannie Mae and Freddie Mac.  The basis
for the index is January 1991=100.

 

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