Housing Prices Rise at Lowest Level in 7 years
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.
I like your analogy in this article. The real estate economy really is like a patient who you cannot ...
Real Estate is hyper-local. Every market is different. Phoenix has already hit bottom and is starting to recover. We have ...
Great to hear that the big boys
are predicting recovery sooner than
most think.
Thanks for the value! 
I agree--good analogy. You have to crawl before you can walk. Right now, at least in Austin, many people would ...
I live in the Philippines and I am glad we are not on the lists... 
I have a few Litograghs of Presidents homes , made by Richard V. Sebring. yr. 1990 Do they have any ...
I see the question I have, but no response. I do not have a for sale sign up ...
I'll add mine to the list too. This is happening in Kansas City, Missouri as well now.
We already knew ...
