Bloomington, IN Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Bloomington, IN, Federal Housing Finance Agency (FHFA) house price index (HPI) is a weighted, repeat-sales index that measures average price changes in repeat sales or refinancings on the same properties. The index covers single-family homes and condominiums. The FHFA HPI is a broad measure of home prices in the United States and is calculated using data from Freddie Mac and Fannie Mae's monthly mortgage portfolios.

The Bloomington HPI showed strong growth in home prices from 2000 to 2006, with prices increasing by over 50%. However, since the housing market crash in 2007, home prices have fallen by nearly 30%. Despite this decrease, home prices in Bloomington are still above their pre-crash levels.

There are several reasons for the decrease in home prices in Bloomington since 2007. The most important factor is the decrease in demand for housing. This can be attributed to the recessionary economy and high unemployment rates. Another factor is the increase in foreclosures and short sales, which has put downward pressure on prices. In addition, many homeowners are now "underwater" on their mortgages, owing more than their homes are worth. This makes it difficult for them to sell their homes or refinance their loans.

Despite these challenges, there are some signs that the housing market is beginning to recover. Home sales have increased steadily since 2011, and foreclosure rates have begun to decline. In addition, average home prices have stabilized and even begun to increase slightly in recent months. These trends suggest that the worst may be over for the Bloomington housing market and that prices could begin to rise again in the coming years.