Another news release and massive report has come from the Office of Federal Housing Enterprise Oversight (OFHEO) showing changes in the Housing Price Index based on real estate sales and refinances. The most recent HPI figures cover through June of 2007.
Minnesota actually isn't doing too badly. We are ranked 43rd in the nation with a one year appreciation of 1.78%, a second quarter depreciation of -.53%, a 5 year appreciation of 35.68%, and an overall appreciation since 1980 of 273.19%. California and Florida have some areas that are really hurting drastically, but Minnesota's economy remains stable and strong which is maintaining stability in our real estate market.
The national HPI figures are shown in this chart which compares second quarter annual figures of HPI from 1997 through the second quarter of 2007. The annual HPI figures appreciated to almost 14% in 2005, but have returned to 1997 levels this year.
The entire report can be viewed here. For the statistically curious person there's much more detail and many more charts to review.
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