Might be this.....
Home Prices Up Sequentially In 3Q As Sales Volume Up - Freddie
DOW JONES NEWSWIRES
U.S. home prices gained 0.9% in the third quarter after an upwardly revised 2% gain in the previous quarter, according to Freddie Mac (FRE), as all but two U.S. regions saw sequential increases.
Freddie Chief Economist Frank Nothaft said the gains during those six months reflect higher sales volume--up 15% between the first and third quarters--and has erased nearly 40% of the price declines the previous two quarters. From a year earlier, Freddie's Conventional Mortgage Home Price Index, which excludes all refinancings, was down 3.9% in the third quarter.
"The lowest average fixed-rate mortgage rates
in a half century, lower house prices, incentives to encourage first-time buyers and loan-modification efforts to stem foreclosures have worked together to support sales and reduce the inventory of unsold homes," Nothaft said.
Sequentially, the nation was again led by the Pacific region, which had a 3.9% gain from the previous quarter. Of the seven regions, New England and the mountain region were the only ones to post declines, of 0.7% and 0.6%, respectively.
Last week, the National Association of Realtors said its forecasting gauge of housing-market activity climbed to its highest level in more than three years in October. The previous week, the association said October sales of existing homes jumped by 10% as buyers continued to take advantage of a first-time-home-buyer tax credit, low prices and low mortgage rates.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com
