Industry News

Home prices drop in 15 states during Q2

Cities in California, Florida show fastest price declines

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Home prices fell in California, Nevada, Michigan, Michigan and Massachusetts during the last year, while Utah and Wyoming saw double-digit price appreciation, according to a house-price index based on repeat transactions involving conforming loans of $417,000 or less. Nationwide, second-quarter home-price appreciation was essentially flat from the previous quarter at 0.1 percent, the lowest growth since the fourth quarter of 1994, the Office of Federal Housing Enterprise Oversight (OFHEO) said in releasing its House Price Index. Home-price appreciation for the year ending June 30 was 3.2 percent, the lowest annual price change since 1996-97 but still better than the 2.1 percent growth in the Consumer Price Index during the same period. Although housing prices were basically flat during the second quarter, recent financial market turmoil has forced many lenders to tighten their underwriting practices. The effects of those changes on housing demand and prices won't show up in OFHEO's st...