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by CareyBot

Average U.S. home prices increased 9.36 percent from the second quarter of 2003 through the second quarter of 2004, according to figures released today from the Office of Federal Housing Enterprise Oversight's House Price Index. Appreciation for the most recent quarter was 2.21 percent, or an annualized rate of 8.83 percent, according to OFHEO's index, a quarterly report that analyzes housing-price appreciation trends. "The appreciation over the past year is the largest four-quarter increase since 1979," said Patrick Lawler, chief economist at OFHEO. "These data show no signs of the long-anticipated, and ultimately inevitable, slowing of house-price inflation." The quarterly appreciation is more than 50 percent faster than the upward revised 1.45 percent increase in the first quarter of...