Industry News

Real estate price appreciation hits slowest rate since ’99

New England home values see weakest growth

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Home-price growth crawled at the slowest rate in the second quarter since fourth-quarter 1999, Freddie Mac reported this week. The mortgage giant's Conventional Mortgage Home Price Index rose 4.9 percent in the second quarter on an annualized basis, down from a revised first quarter rate of 9.1 percent. Nationally, home values increased 10.2 percent from second-quarter 2005 through second-quarter 2006, down from the 13.9 percent annual growth seen over the four quarters ended in June 2005, according to the report. The East South Central states had the highest level of home-value appreciation in the U.S., with quarterly appreciation of 8.3 percent at an annualized rate during the second quarter, followed by the West South Central states, which had a gain of 7.8 percent. The Mountain states came next and showed a gain of 6.4 percent, while price growth was 6.2 percent in the Middle Atlantic states. The Pacific states posted an average appreciation rate of 5.8 percent; the South Atlanti...