“U.S. home prices posted record declines in the fourth quarter of 2008 according to the Federal Housing Finance Agencys House Price Index (HPI). The FHFA seasonally-adjusted purchase-only house price index, based on data from home sales, was 3.4 percent lower on a seasonally-adjusted basis in the fourth quarter than in the third quarter. This decline was greater than the 2.0 percent decline in the third quarter and the largest in the purchase-only indexs 18-year history. Over the past year, seasonally-adjusted prices fell 8.2 percent from the fourth quarter of 2007 to the fourth quarter of 2008.”
- See also 2009 Conforming Loan Limits Increased by American Recovery and Investment Act: “The American Recovery and Reinvestment Act (ARRA), which was signed into law on Tuesday, increased the maximum conforming loan limit for mortgages originated in 2009. The increase affects 250 counties across the United States. For these areas, identified in the attached table, Fannie Mae and Freddie Mac loan limits will return to their late-2008 levels, which were up to $729,750 for one-unit properties in the continental United States. Loan limits in other areas are not changed by the legislation.”
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