The Mortgage Bankers Association released a chart that shows the Federal Housing Finance Agency’s Purchase-Only House Price Index at a level on par with the April 2006 level.
Broken up by region, the “prices indices range from 11 percent higher in the West South Central region, to 12.7 percent lower in the Pacific region,” HousingWire reports.
“Continued increases in prices should reduce the number of households with negative equity, and increase mobility as it improves homeowner’s confidence and ability to ‘move up,’” the MBA said in a statement.
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