Freddie Mac: Home Prices Declined 0.4 Percent in 2009

Freddie Mac (FRE) announced today that its Conventional Mortgage Home Price Index (CMHPI) declined by 0.4 percent y/y. The mortgage finance company — which has government backing for its operations — noted that the decline is much smaller than the 9.5 percent drop in home prices recorded in 2008.

From the press release:

“In the final quarter of 2009, the U.S. Index was down 1.4 percent (-5.4 percent annualized) relative to the third quarter, on a not-seasonally adjusted basis.
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The CMHPI Purchase-Only Series had the following regional house-price changes:

Pacific Division (AK, CA, HI, OR, WA): rose 0.5 percent (1.8 percent, annualized) in the fourth quarter of 2009. Over the last 12 months, home values increased 1.6 percent, and during the last five years, home values have decreased 8.0 percent.

East South Central Division (AL, KY, MS, TN): decreased 0.1 percent (-0.4 percent, annualized) in the fourth quarter of 2009. Over the last 12 months, home values increased 0.8 percent, and during the last five years, home values increased 14.4 percent.

Middle Atlantic Division (NJ, NY, PA): decreased 0.1 percent (-0.4 percent, annualized) in the fourth quarter of 2009. Over the last 12 months, home values decreased 0.1 percent, and during the last five years, home values increased 12.4 percent.

West South Central Division (AR, LA, OK, TX): fell 0.2 percent (-1.0 percent, annualized) in the fourth quarter of 2009. Over the last 12 months, home values were increased 1.5 percent, and during the last five years, home values increased 19.3 percent.

West North Central Division (IA, KS, MN, MO, ND, NE, SD): decreased 0.7 percent (-2.8, annualized) in the fourth quarter of 2009. Over the last 12 months, home values rose 1.1 percent; over the last five years, home values increased 3.8 percent.

New England Division (CT, MA, ME, NH, RI, VT): declined 0.7 percent (-2.7 percent, annualized) in the fourth quarter of 2009. Over the last 12 months, home values decreased 0.1 percent, and during the last five years, home values declined 3.6 percent.

Mountain Division (AZ, CO, ID, MT, NM, NV, UT, WY): decreased 2.8 percent (-10.9 percent, annualized) in the fourth quarter of 2009. In the last 12 months, home values decreased 7.0 percent; during the last five years, home values increased 2.6 percent.

East North Central Division (IL, IN, MI, OH, WI): decreased 3.2 percent (-12.1 percent, annualized) in the fourth quarter of 2009. Over the last 12 months, home values decreased 0.9 percent, and during the last five years, home values decreased 6.0 percent.

South Atlantic Division (DC, DE, FL, GA, MD, NC, SC, VA, WV): fell 3.2 percent (-12.1 percent, annualized) in the fourth quarter of 2009. Over the last 12 months, home values decreased 1.8 percent, and during the last five years, home values increased 1.0 percent”.