From FHFA Director James B. Lockhart, June 23, 2009 : “Although monthly data are volatile, we may be starting to see signs of stabilization in prices for houses funded by conventional conforming loans, as the HPI is only down 0.3 percent for the first four months of the year.” From the National Association of Realtors, June 23, 2009 : The national median existing-home price for all housing types was $173,000 in May, down 16.8 percent from a year earlier.

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Misleading House Price Data