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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
Home Prices Rise At Slowest Pace In 10 Years
The OFHEO price index shows home prices are up 4.3% compared with a year earlier, the smallest gains in 10 years. Price appreciation has slowed sharply from a 13.7% year-over-year gain in 2005.
For the year, homes appreciated faster than other goods and services that make up the Consumer Price Index, the Office of Federal Housing Enterprise Oversight (OFHEO) reported today in issuing its quarterly house-price index (HPI).
"Prices are rising slowly in most areas," said Patrick Lawler, chief economist for the federal agency, which regulates mortgage giants Fannie Mae and Freddie Mac. The price index is derived from mortgage data from the two companies.
"Overall, these data shows that home prices are slowing significantly in many areas but not necessarily collapsing," wrote Young Kim, an economist for Stone & McCarthy Research. "The outlook appears less optimistic," with high inventories of unsold homes likely to pressure prices lower. 
The purchase-only OFHEO index also showed prices rising 0.5% in the first quarter, with the year-over-year price gain at 3%.
Earlier in the week, the S&P/Case-Shiller price index - which is computed in a similar way but which also includes homes with mortgages above $417,000 - showed prices falling 1.4% in the past year.
In comparing the first quarter of 2007 to the last quarter of 2006, prices declined in a majority of ranked cities in California and Florida. Thirteen of the 18 Florida cities on the list of ranked MSAs experienced price declines, and 22 of 26 ranked California cities saw price declines.
The OFHEO has also made downloadable indexes of "purchase only" mortgages, previously only available on a national basis, available for each state and nine regional Census Divisions. The purchase-only index increased 3 percent between the first quarter of 2006 and the first quarter of 2007, compared with 4.3 percent for the HPI.
Housing Bubble and Real Estate Market Tracker from SA for 5/31
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