Three home price indexes were released this week reporting year over year price declines ranging from 8.1% to 18.7%. Which one is right? The S&P/Case-Shiller index for 20 large cities reported an 18.7% price decline. The Federal Housing Finance Administration (FHFA) which oversees Freddie Mac and Fannie Mae reported an 8.1% decline. Both of these are repeat sales indexes. The National Association of Realtors (NAR) reported a 15.4% decline which is the average of all sales activity reported by multiple listing services

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