A federal Home Price Index shows that November housing costs fell by 1.1% annually in the region that includes Louisiana, Texas, Arkansas and Oklahoma, far below the national average. The Federal Housing Finance Agency index was down 8.7% for the month, with the biggest drops coming on the West Coast (down 22%) and the southern part of the East Coast (down 11.5%). The FHFA index is based on purchase prices of homes guaranteed by Fannie Mae or Freddie Mac. Home prices have been plummeting nationally since hitting their peak in April 2007. The FHFA index notes that November prices are roughly the same as what they were in March 2005.
Regional home prices post small drop
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