Owensboro, KY Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Owensboro, KY, 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 was created in order to be a more accurate measure of house price changes than other commonly used indices because it uses data on actual transactions rather than appraisals.

The Owensboro HPI showed strong growth from 2000 to 2006, with prices increasing by over 50%. However, since the housing market crash in 2007, prices have fallen by nearly 30%. In the past year alone, prices have decreased by almost 5%.

Despite the recent decline in prices, Owensboro still has one of the highest home equity levels in the country. As of Q3 2016, the average homeowner had over $100,000 in equity. This is due to the fact that many homeowners bought their homes during the housing boom and have not taken out any home equity loans since then.

The high level of home equity has helped to cushion the blow of falling prices for many homeowners. However, there are still a significant number of homeowners who are "underwater" on their mortgages - meaning they owe more than their home is worth. As of Q3 2016, about 15% of homeowners were underwater. This is down from a peak of 30% in 2010, but it is still higher than the national average of 10%.

Foreclosures have also been a problem in Owensboro since the housing market crash. In Q3 2016, there were still about 1% of all homes in foreclosure - which is double the national average. However, this is down from a peak of 2% in 2010.