Looking back to these past few months we get a general picture of falling housing prices, suggesting once more that Newton’s Law of Universal Gravitation, encapsulated in the dictum “Everything that goes up must come down” is absolutely true and that, furthermore, it applies even to Real Estate. But when it comes to housing prices the real question becomes:”Come down from where?”According to the Office of Federal Housing Enterprise Oversight (http://www.ofheo.gov/) the average price of a house rose by only 1.2 percent in the Second Quarter, the smallest gain since 1999 – but a gain nonetheless. OFHEO reports, furthermore, that the past year has seen the sharpest slowdown in the rate of growth since the Office began to keep track of the housing price index all the way back in 1975. Even so, average prices are still up by 10.1 percent compared to a year ago.This is much stronger than the index published by the National Association of Realtors (http://www.realtor.org/), which showed a rise of only 0.9 percent in the year to July. Economic analysts generally speaking prefer the OFHEO index, since it is thought to be more reliable because it tracks price changes in successive sales of the same… Read full this story
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