Fewer distressed sales could be inflating FHFA index

Distressed sales in markets significantly affected by the economic downtown "had a depressing effect" on the Federal Housing Finance Agency's House Price Index, according to a study by two FHFA economists. Now, as fewer distressed sales occur in the recovering economy, the index is being distorted in the opposite direction, the study by William Doerner and Andrew Leventis found. The FHFA index has increased for 16 consecutive months, signaling a rebounding market.

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