National Home Prices Decline in Q4, but Rise in 27 States Plus D.C.

The ""Federal Housing Finance Agency"":http://www.fhfa.gov/ (FHFA) released a ""report"":http://www.fhfa.gov/webfiles/23397/4Q2011hpi.pdf showing U.S. home prices fell slightly in the fourth quarter of 2011, but overall, 12 states plus the District of Columbia saw prices increase, according to the seasonally adjusted purchase-only house price index (HPI).

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The HPI was 0.1 percent lower in the fourth quarter than the previous quarter. The HPI is calculated using home sales price information from Fannie Mae and Freddie Mac mortgages.

Seasonally adjusted prices fell 2.4 percent compared to a year ago starting with the 2010 fourth quarter.

""While FHFA's national index shows a 2 percentage point price decline over the latest four quarters, 12 states and the District of

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Columbia posted price increases,"" said FHFA principal economist Andrew Leventis. ""When coupled with the fact that about half of all U.S. states saw price increases in the latest quarter, this growth adds to mounting evidence that real estate markets are seeing at least some signs of life.""

For the fourth quarter, 27 states and the District of Columbia experienced price increases compared to the previous quarter.

On a yearly basis, the 12 states, plus D.C., where prices actually went up were Alaska, North Dakota, Nebraska, Mississippi, Arkansas, Vermont, Montana, Texas, South Dakota, Maine, Indiana, and Oklahoma.

For the 25 most populated metropolitan areas (MSAs) or divisions, the Chicago-Joliet-Napervile, Illinois area experienced a 9.8 percent decline, the greatest out of all the areas since the 2010 fourth quarter. On the other hand, Warren-Troy-Farmington Hills, Michigan had the greatest increase and saw prices rise 3.5 percent over the same period. Phoenix-Mesa-Glendale, Arizona came in second with a 2.67 percent price increase since a year ago.

Out of a list of 20 MSAs, Bismarck, North Dakota; Joplin, Missouri; and Huntington-Ashland, West Virgina-Kentucky-Ohio had the highest rates of house appreciation over the past year.

MSAs with the lowest rates of appreciation over the year were Las Vegas-Paradise, Nevada; Ocala, Florida; and Gainesville, Georgia.