Housing Prices Rise at Lowest Level in 7 years
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
While housing prices did rise, they are barely maintaining the level of inflation. The report today from the Office of Federal Housing Enterprise Oversight announced that prices in the 2nd quarter rose just 1.17 percent since 2nd Quarter 2005, what is commonly thought the last quarter when the market was moving up at full speed.
Looking at the data, there are few surprises. Florida, Maryland, Virginia, and Massachusetts showed the slowest increases. These states were the biggest beneficiaries of the housing boom that occurred over the past 5 years. Mississippi and Lousiana are seeing some of the largest increases as the regions rebuild after Hurricane Katrina.
“These data are a strong indication that the housing market is cooling in a very significant way,” James Lockhart, director of the Office of Federal Housing Enterprise Oversight, said in a statement.
The agency, which regulates mortgage finance giants Fannie Mae and Freddie Mac, compiles a quarterly index of U.S. home prices.
Rising interest rates, fewer investor purchases and greater house inventories were cited as reasons for the slowdown in home values.
A spike in housing construction has created a glut, said OFHEO chief economist Patrick Lawler, “and these inventories will continue to constrain future appreciation rates.” via Reuters.com.
You're right. If you come from Central Jersey (as the Boss and I do), you go to Florida at some ...
Maybe it was kryptonite...
ECONOMIC REPORT
'Prolonged' recession, higher joblessness seen likely
NABE survey indicates most economists now believe U.S. recession's started
By Mike ...
I couldn't agree more.
The newspaper has always "stuck" it to the real estate agent with rates that were much higher ...
By the way, homeowners trying to get short sale approval should be aware that lenders are comparing the initial loan ...
Ouch! Thankfully I haven't come across anything like that yet. We normally don't have situations like that in ...
well, the guy was here illegally.
serves him right. 
BY USING FIRST CLAIM INSURANCE ADJUSTERS YOU WILL HAVE THE ABILITY TO LOOK AT YOUR INSURANCE SETTLEMENT AND REALIZE FIRST ...
not bad 
I can't speak for the whole state of Nevada, but in the Las Vegas area, homes are still selling, we ...
