Home prices rose 0.6% in October and rebounded from a 0.4% decline in September, according to a house price index compiled by the Federal Housing Finance Agency (FHFA).

The index, however, only reflects homes funded by Fannie Mae and Freddie Mac loans. Regionally, the FHFA HPI registered a 3.7% jump in the Pacific states, which includes California.

The Mid-Atlantic states ranked second with a 1.8% increase in house prices. The South-Atlantic region, which runs from Maryland to Florida, experienced the worst monthly performance with a 1.6% price decline in prices.

FHFA bases its house price index on Fannie Mae and Freddie Mac purchase mortgage transactions.

Overall, U.S. prices are down 1.9% since October 2008, according to the regulator's HPI. The FHFA index is 10.8% below the April 2007 peak in prices.

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