WASHINGTON – Home prices fell 1.8% during the third quarter and were down 6% from the same period last year, the Federal Housing Finance Agency reported today.
The FHA noted that during the past year, prices of other goods and services increased 6.7% and therefore, the inflation-adjusted price of homes fell 12.7% during that period.
The agency's House Price Index, which is based on data from home sales and appraisals for refinancing, fell 2.7% between July and September, a 4% drop from the same period last year.
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"The impact of foreclosures and tightening credit conditions weighed heavily on house prices in the third quarter," FHFA Director James B. Lockhart said in a statement. "Recent government actions to stabilize financial markets are aimed at countering the
tight credit conditions affecting housing."
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