Breaking down the different home price index reports - part two
In my last post I discussed the S&P Case Shiller home price index report. In this post I am going to discuss the OFHEO (Office of Federal Housing Enterprise Oversight) home price index report. The OFHEO report also uses repeat sales of single family homes. The differences are that it also uses refinances and only uses mortgages that have been purchased or securitized by Fannie Mae or Freddie Mac. It’s data goes back to January, 1975. They do a monthly and a quarterly report. There is about a 2 month lag time in the report.
The newest report from the OFHEO was released on February 26, 2008. The OFHEO breaks their report down by cities, states and divisions. Here are their latest statistics.
Rank 1-Year Quarter 5-Year Since 1980
Baltimore- 134 1.97 0.14 81.47
Towson, MD
Wilmington- 149 1.67 0.23 60.10
DE, MD, NJ
(MSAD)
Maryland 39 0.80 -0.18 80.64 441.83
Delaware 31 1.95 0.44 59.93 421.50
United States 0.84 0.10 41.37 290.20
I included Delaware since it is a small state and Cecil County boarders it, plus the OFHEO includes Cecil County real estate in their city report for Wilmington.
Based on this report the Cecil County real estate market is not too horrible. Especially when you compare it to other current markets.
The worst city on this report was Merced, CA
National Ranking - 291
1-Year - -18.98
Quarter - -7.89
5-Year - 53.69
Filed under: Market Statistics on March 5th, 2008
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