Punta Gorda, FL Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Punta Gorda, FL, 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 to provide a more timely and accurate measure of house price trends than other existing indices because it uses data on transactions that have closed within a given month.

Between 2000 and 2006, home equity in the Punta Gorda area increased rapidly as home prices soared. Homeowners saw their equity increase an average of $134,000 during this time period. However, since peaking in 2006, home prices have declined sharply and home equity has been eroded. In the past year alone, home prices in the Punta Gorda area have fallen by over 10 percent and homeowners have seen their equity decrease by an average of $16,000.

The sharp decline in home prices has had a negative impact on the local economy. As housing wealth has declined, consumer spending has also decreased, leading to job losses and further declines in home values. The decrease in home values has also made it difficult for many homeowners to refinance their mortgages or sell their homes. As a result of these factors, the Punta Gorda area is facing significant economic challenges.