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Homes Prices Cool Off in Q3

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slacker

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Feb 20, 2002
December 2, 2002

Dow Jones Newswires

WASHINGTON -- The rapid rise in U.S. home prices dramatically slowed in the third quarter ended Sept. 30 to 0.84%, according to federal statistics released Monday.

That compares with a growth rate of 2.39% during the previous three months ended June 30 and 1.94% during the third quarter of 2001, according to the Office of Federal Housing Enterprise Oversight quarterly House Price Index.

It is the second slowest quarterly growth rate on record since OFHEO started tracking the data in mid-2000. The slower-than-usual growth rate for the quarter dragged the 12-month rate down to 6.16%, compared to 8.69% during the 12 months ended Sept. 30, 2001.

Overall, seven states and 33 metropolitan statistical areas saw a drop in average home prices during the third quarter. Most of that impact was located in the Midwest, attributed by OFHEO to flattening productivity in the manufacturing sectors in 2001.

Home price appreciation in coastal cities, such as San Jose, Calif., Boston and New York, is still leading the nation. Coastal areas historically suffer the largest losses during the bottom end of a housing cycle, according to OFHEO.

But the index shows that the Northeast and Pacific regions are still experiencing large 12-month gains, 9.8% and 7.6% respectively, although house prices in all areas are growing less rapidly than they have over the last few years.

Rhode Island experienced the fastest growth rate over the last 12 months at 14.06%, followed by the District of Columbia at 11.03%, New Jersey at 10.98%, New York at 10.21% and Maryland at 10.11%.

The OFHEO House Price Index tracks average house price changes on repeat sales or refinancings on the same single-family properties based on data obtained by Fannie Mae (FNM) and Freddie Mac (FRE).

-By Dawn Kopecki, Dow Jones Newswires; 202-862-6637; [email protected]

Copyright © 2002 Dow Jones & Company, Inc.
 

Mike Garrett RAA

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Jan 14, 2002
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Certified Residential Appraiser
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Isn't it terrible....only 6 or 7% annual appreciation for 2002. Lets see, if you had a $250,000 home and it is going up at .5% per month thats, ahhhhhhhh,....a lot of money if the appraiser doesn't time adjust. But that is another thread, isn't it?
 
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