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Home values were reported unchanged in November 2010, on average, according to the Federal Home Finance Agency’s Home Price Index.

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Home Values Rise 0.4% In August

On October 27, 2010 By

The government’s Home Price Index said home prices rose between July and August, which is consistent with the most recent Case-Shiller Index. The Federal Home Finance Agency’s data showed values up 0.4 percent nationwide, on average.

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Think about that in context of Chicago mortgages. FHA is far and away the most condo-friendly product in the market these days. By excluding all but Fannie and Freddie loans, you’ve just excluded the majority of the recent condo sales in Chicago.

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Still, for all of its flaws, the Home Price Index is watched because the government, banks and businesses all use the report as a very general forecast of the market. It’s just not related to the price that you will end up paying for that home.

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First time home buyers should act now. The tax credit expires in 90 days. Home prices are moving higher. Mortgage rates are moving higher.

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