Jackson, MS Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Jackson, MS, 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 Jackson HPI includes data from Fannie Mae and Freddie Mac single-family mortgage transactions on properties located in the city of Jackson.

Between 2000 and 2006, home prices in the United States increased at an unprecedented rate. This was especially true in markets like Jackson, MS, where the housing boom was particularly strong. From 2000 to 2006, the Jackson HPI rose by nearly 60%. This increase was driven by a number of factors, including low interest rates, easy credit conditions, population growth, and investor speculation.

The housing market began to cool off in late 2006 as interest rates started to rise and home prices began to outpace income growth. By early 2007, it was clear that the housing market was in trouble and that a nationwide housing market correction was underway. In Jackson, MS, home prices peaked in early 2007 and then began to decline. Between 2007 and 2011, theJackson HPI fell by more than 30%.

The sharp decline in home prices has had a number of negative consequences for homeowners in Jackson. First of all, it has left many homeowners "underwater" on their mortgages - owing more money to their lender than their home is worth. This makes it difficult or impossible for these homeowners to sell their homes or refinance their mortgages at today's lower prices. Secondly, the decline in home values has reduced the amount of equity that homeowners have available to borrow against or use as a down payment on a new home purchase. Finally, the decrease in house prices has made it more difficult for families who are looking to move up into a larger or more expensive home because they now have less equity to use as a down payment on their new home purchase.