Springfield, IL Federal Housing Finance Agency Home Price Index (FHFA HPI)

In the Springfield, IL, Federal Housing Finance Agency (FHFA) house price index for the fourth quarter of 2019, the home equity and home prices both increased from the previous quarter. The home equity index rose to 95.1, while the home price index increased to 96.4.

The rise in home equity was driven by an increase in home prices, as well as a decrease in mortgage debt outstanding. The increase in home prices was due to a number of factors, including strong economic growth, low interest rates, and limited supply of homes for sale. The decrease in mortgage debt outstanding was due to a combination of factors, including borrowers paying down their debt and lenders writing off bad debts.

The rise in home equity is good news for homeowners and the economy as a whole. Homeowners with more equity are more likely to spend money on improvements or make other investments that can boost the economy. In addition, rising home values make it easier for homeowners to sell their homes and move up to larger or more expensive homes. This can help create jobs throughout the economy as people buy and sell homes and businesses provide services related to these activities.