The Federal Housing Finance Agency reported Wednesday that its May reading on the House Price Index (HPI) rose 0.9% on a seasonally adjusted basis, coming in well above economists' estimates for a 0.2% decline.
April's 0.1% decline was also adjusted to a 0.3% decline. For the 12 months ending in May, US home prices fell 5.6%, putting the US index 10.7% below its April '07 peak.
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