Economic Update: U.S. FHFA House Price Index Rises 0.8% In July

The U.S. Federal Housing Finance Agency (FHFA) house price index rose 0.8% in July to 184.7 (seasonally adjusted) and is up for four consecutive months. The index is still 3.3% lower than last year’s level, though it is an improvement over the 4.5% rate of decline seen the month before. Continued gains in prices, together with yesterday’s strong existing home sales report, will likely help alleviate market worries that the housing sector recovery has ended. It has little bearing on markets today that are still focused on the gloomy Fed outlook for the U.S.

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