This is a different index from Case-Shiller, CoreLogix, or even Zillow. So, it it's gets confusing for the casual reader to of the percentage amounts. This is form the Federal Housing Finance Agency or FHFA. Case-Shiller which is one of the more prominent indexes is due out in a week or so.
U.S. home prices fell 5.7 percent in February from a year earlier as distressed properties weighed down values, according to the Federal Housing Finance Agency.
The decline was led by a 12 percent slump in the region that includes Colorado and Nevada, followed by an 8.7 percent retreat in the area that includes California and Oregon, the agency said today from Washington. Nationally, prices slid 1.6 percent from January, more than the 0.3 percent drop that was the average estimate of 18 economists in a Bloomberg survey.
Read it allHome values are dropping as foreclosures undermine real estate prices. The share of homes sold in March that were distressed properties, meaning foreclosures or short sales, rose to 40 percent from 39 percent in February, the National Association of Realtors reported yesterday. There were 2.2 million homes in foreclosure in March, up 1.4 percent from a month earlier, Lender Processing Services Inc. in Jacksonville, Florida, said in a statement this week.