Home values rose in second quarter

WASHINGTON, Aug. 30 (UPI) -- The Federal Home Loan Mortgage Corp. said Monday home values rose in all nine U.S. Census divisions in the second quarter compared with the first.

It was the first time since the second quarter of 2009 that home values rose across the board, Freddie Mac said.

For the nation as a whole, values measured in the Convention Mortgage Home Price Index rose 3.1 percent in the quarter, a 13.2 percent annualized rate, the mortgage broker said.

From a year ago, however, home values were down 0.2 percent.

"We saw increases in home values in the second quarter that were very strong across all regions. There is no doubt that some of this was due in part to the now-expired home-buyer tax credits, which boosted sales activity, as well as to the usual seasonal bump we see each spring," said Freddie Mac Deputy Chief Economist Amy Crews Cutts.

Values in the CMHPI rose highest in the East North Central Division, which includes Illinois, Indiana, Michigan, Ohio and Wisconsin. The index rose 4.9 percent in the region, followed by a 4.2 percent rise in the West North Central Division, which includes Iowa, Kansas, Minnesota, Missouri, North Dakota, South Dakota and Nebraska.

The slowest pace of home value increases was in the Middle Atlantic Division -- New York, Pennsylvania and New Jersey -- where the index rose 0.6 percent.