The latest 2.7% quarterly gain in Freddie Mac's Conventional Home Price Index's (CMHPI) Purchase-Only Series suggests a more broad-based recovery in housing values is starting to emerge. "For the first time in two years average home sales values rose at least a little bit in every region," Freddie Mac vice president and chief economist Frank Nothaft said.

"Values are still down relative to their peaks, though. For example, as measured by the CMHPI, average values in the New England, East North Central and Pacific divisions are at 2004 levels, on average. In contrast, the average value in the West South Central area is only slightly below its 2008 peak, while the index for the East South Central region is at about its 2006 level. Other areas have home-purchase values at 2005 levels."

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