U.S. home prices fell 1.8% on a seasonally adjusted basis from October to November 2008 – more than the 1.1% decline in the prior month – according to the Federal Housing Finance Agency's (FHFA) monthly House Price Index. For the 12 months ending in November, U.S. prices fell 8.7%. The decline since the April 2007 peak is 10.5 percent.
The FHFA monthly index, formerly called the OFHEO monthly house price index, is calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac. For the nine Census Divisions, seasonally adjusted monthly price changes from October to November ranged from -2.7% in the West North Central Division to -0.7% in the New England Division.
A full report on the index can be found on the FHFA's Web site, www.fhfa.gov.