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Economy in Brief

OFHEO House Price Index Down 4.8% Y/Y
by Tom Moeller August 26, 2008

The index of U.S. house prices from the Office of Federal Housing Enterprise Oversight (OFHEO) was roughly unchanged in June and prices were down 4.8% from a year earlier.

The OFHEO price index reflects repeat sales of the same property. It does not, however, make an adjustment for changes in the form of additions to or deterioration of that property.

During the latest twelve months OFHEO indicated that the decline in home prices continued greatest in the Pacific region where prices fell 16.4% y/y. That followed a 0.7% rise in prices last year and several years of double digit gain.

Elsewhere in the country home prices fell one to five percent y/y except in the West South Central region where they rose 2.3%.

The latest report from OFHEO can be found here.

OFHEO figures are available in Haver's USECON database.

Treasury Bond Yields and Long-Run Inflation Expectations from the Federal Reserve Bank of San Francisco is available here.

OFHEO House Price Index (Q1 1991=100, SA) June May Y/Y 2007 2006 2005
Purchase Only 213.8 213.9 -4.8% 1.7% 6.3% 9.5%
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