Magazine article Mortgage Banking

OFHEO Releases 3Q House Price Index. (Business Alert)

Magazine article Mortgage Banking

OFHEO Releases 3Q House Price Index. (Business Alert)

Article excerpt

THE OFFICE OF FEDERAL HOUSING ENTERPRISE Oversight (OFHEO) has released its House Price Index (HPI) for the third quarter of 2002. The HPI is a quarterly report analyzing housing appreciation trends. OFHEO has determined that average U.S. home prices increased 6.16 percent from the third quarter of 2001 through the third quarter of 2002. The quarterly national average price appreciation slowed to 0.84 percent, compared with 2.39 percent for the second quarter.

For the third quarter of 2002, seven states experienced negative quarterly growth: Vermont, Illinois, Kansas, Michigan, Wisconsin, South Dakota and Alaska. Of the 185 ranked metropolitan statistical areas (MSAs), 33 experienced negative quarterly growth. California dominates the top 20, with nine MSAs showing especially rapid appreciation. In the last five years, the average U.S. appreciation has been 38.55 percent. Since 1980, average U.S. price appreciation has been 181.60 percent.

In third-quarter 2002, seven states and 33 of 185 MSAs experienced negative quarterly house-price growth, the HPI indicated. …

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