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There were three months of straight gains in the real estate market, however a government tool used to measure the average price of a home in the United States showed a decline for the month of August.

According to the Federal Housing Finance Agency, housing prices declined an average of 0.3% between July and August nationwide. It went on to say that for the past year, prices of homes are down a total of 3.6%. The way that this agency checks on the average price of a home is to calculate prices from mortgages that were sold or guaranteed by Fannie Mae and Freddie Mac (the Federal Housing Finance Agency oversees both of these lenders). The only problem is that Fannie and Freddie don’t guarantee or lend to high end home purchases.

The report did say that prices rose in the Pacific, West North Central, Pacific, and East Central regions of the country. The worst price declines were found in the East North Central, New England, Mid Atlantic and South Atlantic areas. Prices did remain steady in the West South Central areas of the country though.

One of the surprising areas was the South Atlantic region, where Washington D.C. is located. D.C. has been touted as one of the places to move because it is one of the places in the country where people are still able to find jobs. Even the job creation in the D.C. area could not keep the home prices from falling for the entire South Atlantic region (which includes all the states between Delaware and Florida). Prices were down for the region 1.6%.

The report doesn’t include specifics such as states or cities. However, it does say that nationally, prices are down 10.7% on average from their 2007 highs.

Source

Jeremy

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