House Prices Continue to Contract in November, Says FHFA

U.S. house prices continued to decline in November, according to data from the U.S. Federal Housing Finance Agency (FHFA), which recorded a 1.8% drop for the month.

The decline was worse than economists' expectations for a 1.2% decline, and follows an unrevised 1.1% drop in the previous month.

The largest contraction came in the West North Central region, where home prices were down 2.7%, and the Mountain region, where prices were down 2.4%. The South Atlantic region saw prices fall 2.3% and prices in the Pacific region were down 2.2%.

In the New England region, prices fell 0.7% on the month and 0.8% in the Middle Atlantic.

By Stephen Huebl and edited by Nancy Girgis
©CEP News Ltd. 2009