by Howard Fischer - Sept. 16, 2010 12:00 AM
Capitol Media Services
Housing prices nationwide are finally starting to go up. But not in Arizona.
New figures from the Federal Housing Finance Agency indicate the average price of a home that sold in Arizona in the second quarter of the year dipped about 1.7 percent from the first quarter.
That brings the year-over-year price drop to more than 8.2 percent. Only Idaho, where prices dropped by 11 percent, fared worse on an annual basis.
By contrast, the situation appears to be improving in much of the rest of the country.
Nationally, home prices went up 0.9 percent from the first to the second quarter. But that still leaves the annual change in negative territory at 1.6 percent.
The figures are considered a good indicator of housing prices because they're based on a repeat-sales index.
The report measures the prices on about 6 million homes whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac and for which there are records of prior sales going back to 1975.
Read more here.
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