FHFA Reports Home Prices Fell in July
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- Kara Johnson | September 22, 2010
U.S. home prices fell half a percent from June to July, according to new figures from the Federal Housing Finance Agency.
The agency also reported that a previously reported 0.3 percent decline between May and June had been revised to 1.2 percent. All figures are seasonally adjusted and are based on mortgages sold to or guaranteed by Fannie Mae and Freddie Mac.
The declines followed the end of the federal homebuyer tax credit program, which gave buyers until April 30 to finalize a sales contract on a home and an original deadline of June 30 to arrange financing and close the sale.
The National Association of Realtors previously reported that closings of existing home sales plummeted 27 percent in July, following the deadline. Sales figures for August are due to be reported Friday.
Overall, July prices reported by the FHFA were down 3.3 percent on an annual basis, compared to July 2009, and down 13.8 percent from its April 2007 peak.
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