New OFHEO data reveals slowdown

When the news release arrived in my email inbox yesterday, the text accompanying the latest figures from the Office of Federal Housing Enterprise Oversight seemed a bit shocking: "OFHEO House Price Index Shows Largest Deceleration in Three Decades". Click here to jump to the report (it is a rather large PDF file).

Comparing the first and second quarters of 2006, Indiana was one of only five states showing actual price declines. The others were Michigan, Ohio, Maine, and Massachusetts. Massachusetts was a surprise to us, and the 0.72% price decline over the last quarter in Michigan stood out as well.

Matrix, the top-notch real estate blog by Jonathan Miller of the Miller Samuel appraisal firm, has two great graphics that illustrate the latest OFHEO numbers. Click here to see this post.