The Office of Federal Housing Enterprise Oversight says that house prices rose 1.1% in the fourth quarter of 2006 from the third-quarter level. That put them 5.9% higher than they were in the fourth quarter of 2005. Here’s a link to the report. Prices of non-shelter items in the Consumer Price Index rose just 0.9% over the past year, so housing continued to be an inflation leader.
Biggest gainers in the fourth quarter compared to a year earlier were:
Bend, Ore: Up 21%
Wenatchee, Wash.: Up 21%
Provo-Orem, Utah: Up 20%
Biggest losers were:
Kokomo, Ind.: Down 5%
Santa Barbara, Calif.: Down 4%
Jackson, Mich.: Down 4%
OFHEO covers 282 metro areas. Click on the link above to see where yours stacks up.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.