Home Price Index Slips in August
WASHINGTON (
) -- Home prices dipped in August after three straight months of gains.
The Federal Housing Finance Agency announced today that prices slipped 0.3% during the month and are 3.6% below last year's levels. This, however, is still well above the 10.7% decline seen in April 2007.
The agency's index is based on loans owned or guaranteed by
Fannie Mae
( FNM) and
Freddie Mac
( FRE).
Prices rose in four of the nine regions, showing the biggest gains in the Pacific and Mountain regions.
Shares of homebuilders are in the red following the report.
KB Home
is slipping 1.2% to $14.86,
Lennar
(LEN) - Get Lennar Corporation Class A Report
TheStreet Recommends
is down 1.7% to $13.45,
MDC
(MDC) - Get M.D.C. Holdings, Inc. Report
is falling 1.4% to $34.47,
Toll Brothers
(TOL) - Get Toll Brothers, Inc. Report
is inching down 0.9% to $18.51 and
Pulte Homes
(TOL) - Get Toll Brothers, Inc. Report
is sinking 1.5% to $9.65.
-- Reported by Jeanine Poggi in New York
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