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By Manu Kapoor | Broker in Queens, NY

Homes Backing GSE Mortgages Post 1% Price Gain

  Homes Backing GSE Mortgages Post 1% Price Gain

Data released this week by the Federal Housing Finance Agency (FHFA) show purchase prices of homes backing mortgages that have been sold to or guaranteed by Fannie Mae and Freddie Mac rose 1 % between October and November.

The agency’s index has recorded sporadic ups and downs throughout the year. For the 12 months ending in November, the net effect is a decline in property values of 1.8 %.

FHFA’s index now stands 18.8 % below its peak in April 2007. The agency says prices are now roughly the same as in February 2004.

FHFA’s study notes that the previously reported 0.2 % decrease in October was revised downward to reflect a 0.7 % decrease.

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