The nation is now experiencing the sharpest decline of home price appreciation since the OFHEO’s started tracking house prices in 1975.
Most interestingly, the report shows that the regions of the
In addition, the official HPI index factors in changes to home values from both home sales and home refinancing. The decline in appreciation was shown to be even more significant when only home sales were considered.
Particularly notable is
Regionally, East North Central (Wisconsin, Michigan, etc), West North Central (The Dakotas to Kansas and Missouri), and New England had the lowest percent change to home prices for both the second quarter of 2006 and year over year.
Out of a possible 275 metropolitan regions, 10 of
Additionally, the Boston-Quincy metro area ranks 236 with a one year change in appreciation of 2.92%.