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Us House Price Index

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Still only one state showing yoy negative growth - Michigan at -0.44 per cent.

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WASHINGTON, DC – The rate of home price appreciation in the U.S. remained steady

in the fourth quarter of 2006, extending a general trend of deceleration begun earlier in

the year. Home prices, based on repeat sales and refinancings, were 1.1 percent

higher in the fourth quarter than they were in the third quarter of 2006. This is slightly

above the revised growth estimate of 1.0 percent from the second to the third quarter.

Prices in the fourth quarter of 2006 were 5.9 percent higher than they were in the same

quarter in 2005.

Price appreciation in 2006 was substantially smaller than the tremendous price gains of

recent years, which ranged from 7.4 percent in 2002 to 13.2 percent in 2005. The figures

were released today by OFHEO Director James B. Lockhart, as part of the House Price

Index (HPI), a quarterly report analyzing housing price appreciation trends.

“These data show that, on the whole, prices are still rising, albeit at a much slower

pace,” said Lockhart. “This suggests that house price appreciation is, for now, more in

line with historical norms.”

House prices grew faster over the past year than did prices of non-housing goods and

services reflected in the Consumer Price Index. House prices rose 5.9 percent, while

prices of other goods and services, excluding shelter, rose 0.9 percent.

“The continuing strength in the economy and decreasing interest rates for borrowers

prevented a harder landing in housing markets during the second half of last year,” said

OFHEO Chief Economist Patrick Lawler. “Last quarter, though sharper drops occurred

locally, no state had average price declines of as much as one percent,” Lawler said.

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