Headline: The FHFA house price index climbed 0.8 per cent month-over-month in April.Last month’s number was revised down to a 1.6 per cent gain.
The U.S. index is 17.6 per cent below its April 2007 peak. The monthly HPI Index is now at the same level it was in May 2004.
Expectations: The Federal Housing Finance Agency’s (FHFA) House Price Index (HPI) for April will be out at 10 a.m. ET.
Analysis: The FHFA’s house price index (HPI) jumped 1.8 per cent month-over-month in March and 2.7percent year-over-year.
It is believed that scheduled increases in FHFA mortgage insurance premiums in April caused a surge in mortgage applications in March. So April numbers are expected to rise a more muted 0.6 per cent.
Given the recent uptick in home prices markets will be watching these numbers closely for signs that home prices are in fact recovering.
The HPI covers covers single-family housing, using data from Fannie Mae and Freddie Mac.
Here’s a look at the FHFA HPI chart from November 2010 – April 2012:
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