Global| Sep 24 2008OFHEO House Price Index Continued Moving Lower
by:Tom Moeller
|in:Economy in Brief
Summary
The index of U.S. house prices from the Office of Federal Housing Enterprise Oversight (OFHEO) continued moving lower in July. The 0.6% m/m decline from June followed a revised 0.3% dip during that month which was revised from the [...]
Regional declines in home prices during the latest twelve months were greatest in the Pacific region where prices fell 17.7% y/y. That followed a 0.6% rise last year and several years of double digit gain. Prices also fell a sharp 5.2% in the South Atlantic states, by 4.7% in the Mountain states and by 4.6% in New England.
Elsewhere in the country home prices fell 3.5% in the Middle Atlantic region, by 1.9% in the West North Central region and by 1.2% in the East South central states.
Only in the West South Central of the country did prices rise year-to-year. The 0.6% gain was, however, down from nearly ten years of 3%-to-7% growth.
The latest report from OFHEO can be found here. OFHEO figures are available in Haver's USECON database.Another Conundrum? from the Federal Reserve Bank of St. Louis can be found here.
| OFHEO House Price Index (Q1 1991=100,SA) | July | June | Y/Y | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|---|
| Purchase Only | 212.0 | 213.4 | -5.3% | 1.6% | 6.3% | 9.5% |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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