CU Data

House Prices Fall 0.6% in Second Quarter

June house price index is 18.8% below its April 2007 peak.

August 25, 2011
KEYWORDS house , mortgages , price
/ PRINT / ShareShare / Text Size +

U.S. house prices fell 0.6% during the second quarter of 2011 according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted purchase-only house price index (HPI).

The HPI is calculated using home sales price information from mortgages acquired by Fannie Mae and Freddie Mac. Over the past four quarters, seasonally adjusted prices have fallen 5.9%.

The quarterly decrease came despite an increase in FHFA’s seasonally adjusted monthly house price index for June of 0.9%. The June HPI was 18.8% below its April 2007 peak.

FHFA’s all-transactions house price index, which includes data from mortgages used for both home purchases and refinancings, decreased 1.9% in the latest quarter and is down 4.5% over the four-quarter period.

While the national, purchase-only house price index fell 5.9% from the second quarter of 2010 to the second quarter of 2011, prices of other goods and services rose 4.5% over the same period. Accordingly, the inflation-adjusted price of homes fell approximately 10% over the last year.

Other findings:

• The seasonally adjusted purchase-only HPI declined from the first quarter to the
second quarter in 31 states.

• The New England and West South Central regions experienced the strongest price gains in the latest quarter, with both posting 0.7% price increases. Prices were weakest in the Mountain region, where prices fell 2.3%.

• Among the 25 most populated metropolitan areas, four-quarter price declines were greatest in the Atlanta/Sandy Springs/Marietta, Ga., area, which experienced price declines of 14.1% over the last four quarters.

• Prices held up best in Pittsburgh, Pa., increasing 3.7% over the last four quarters.

Post a comment to this story


What's Popular

Popular Stories

Recent Discussion

Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory ( will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

Your Say: Who should be Credit Union Magazine's 2014 CU Hero of the Year?

View Results Poll Archive