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

In the Springfield, MA, 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 97.4.

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 low interest rates, strong job growth, 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 loans and lenders forgiving debt.

The rise in home prices has helped many homeowners regain equity that they lost during the housing market crash of 2008-2009. However, there are still some areas of the country where home prices have not yet recovered to their pre-crash levels. In addition, many homeowners remain underwater on their mortgages, meaning they owe more than their homes are worth.