FHFA House Price Index Declines 0.6 % from July to August

The Federal Housing Finance Agency's (FHFA) monthly House Price Index fell 0.6 percent on a  seasonally adjusted basis from July to August which is less than the 0.8 decline in July. The index is also down 5.9 percent for the year ending in August and 6.5 percent from the April 2007 peak in housing prices. Mortgage rates have declined during this period.

The index is widely followed but is limited because the index only tracks purchase prices of houses backing mortgages that have been sold to our guaranteed by the two federal housing agencies, Fannie Mae and Freddie Mac.

Do you owe more then your home is worth? You're not alone, over 12 million americans are upside down their mortgage.