The FHFA home price index for April was up an annualized 0.8% m/m, erasing the 0.4% drop in March and the first increase since May 2010. On a year over year basis, the index is still down 5.7%, and is down 19.3% from its April 2007 peak. Six of the nine Census Districts saw month-to-month gains, paced by New England (up 2.2%) and West South Central (up 2.1%). The Mountain Division saw the largest decline (down 1.3%), followed by West North Central (down 0.6%). All Divisions are down on a year over year basis, with the Mountain and South Atlantic seeing the largest declines, down 10.9% and 8.6%, respectively. While the reading was better than market expectations, it will likely get little attention ahead of the FOMC statement and press conference later today.