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

In the Springfield, MO, 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 95.7 from 94.9 in the third quarter, while the home price index increased to 125.6 from 124.7 in the third quarter.

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 some debt through loan modifications or foreclosures.

The rise in home equity is positive news for homeowners and the economy as a whole. Homeowners with more equity are more likely to spend money on improvements or make other purchases that can boost economic activity. In addition, rising home equity can help borrowers who are struggling with their mortgage payments by providing them with additional options for refinancing or modification.