Home Prices Still Going Up

Home Prices Still Going Up

Home prices increased during the three months ended June 30, albeit only slightly, according to the latest quarterly report from the Office of Federal Housing Enterprise Oversight (OFHEO).

The OFHEO House Price Index (HPI) rose 0.1 percent compared with the first quarter of 2007 and 3.2 percent compared with the second quarter of 2006. The HPI includes data on houses purchased as well as those refinanced.

Coming during a period of intense turmoil in credit markets, other reports from the National Association of Realtors and the Case-Shiller Home Price Index showing price declines and dire predictions of future home price depreciation, the OFHEO report came as a pleasant surprise.