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May Home Prices Down 4.8 Percent

Home prices were down again in May, but a few regions of the country experienced a ever-slight uptick in prices from the previous month, giving officials at the Office of Federal Housing Enterprise Oversight (OFHEO) a chance to be cautiously optimistic in the press release announcing the numbers.

"It is very hard to draw conclusions from a one-month number, especially in these uncertain times; but the numbers in the Pacific, East and West North Central Divisions may be good signs," said OFHEO Director James B. Lockhart in the release.

Nationwide, the OFHEO report showed home prices in May were down 0.3 percent from April and down 4.8 percent from May 2007. The three Census Divisions mentioned by Lockhart were the only ones out a total of nine that did not report a monthly decrease.

The Pacific Division, which includes Hawaii, Alaska, Washington, Oregon and California, reported a 0.3 percent increase in home prices from April to May, although the region documented a 14.5 percent decline in home prices from May 2007. The East North Central Division, which includes Michigan, Wisconsin, Illinois, Indiana and Ohio, reported a 0.1 percent monthly increase, but still a 3.7 percent year-over-year decrease in home prices. The West North Central Division, which includes North Dakota, South Dakota, Minnesota, Nebraska, Iowa, Kansas and Missouri, reported no monthly change in home prices.

It will be interesting to see how these home price numbers correlate to the Q2 foreclosure numbers RealtyTrac will be releasing Friday. We'll be posting those numbers as soon as they are available.

Posted: Tue, July 22 2008 9:09 AM by darenb
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Comments

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# April 18, 2012 11:36 AM

Iqbal said:

Yields on 2-year notes slid 3 basis points to 0.20%, tunchiog their lowest level since September.1/5 of one percent yield on a two year bond. Just four years ago you could find one year 5% CDs. It will take you 25 years in January 2012 to earn the same amount of interest you could have earned in one year in January 2008.

# April 20, 2012 11:15 PM
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