Home prices in California down 10.6%

The Office of Federal Housing Enterprise Oversight(OFHEO) just released their seasonally-adjusted purchase-only house price index. The index fell 1.7% in the first quarter compared to Q4 of 2007. Over the past year, home prices fell 3.1%. This is the largest decline in the purchase-only index’s 17-year history.

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Significant findings on home prices in USA:

1. Prices fell in the latest quarter in 43 states.

2. Eight states exhibited quarterly price declines of more than 3% and two states — California and Nevada — saw prices decline more than 8%.

3. Every Census Division experienced a price decline in the latest quarter. Prices were weakest in the Pacific Census Division, which experienced a 5.9% price decline in the quarter.

States with the greatest price appreciation since Q1 2007: Wyoming (6.3%), Utah (5.6%), Montana (4.9%), Texas (4.7%), and Alabama (4.5%).

States with the sharpest depreciation for the same period were: California (-10.6%), Nevada (-10. 3%), Florida (-8.1%), Arizona (-5.5%), and Michigan (-3.1%).

Of the 20 ranked cities with the greatest price declines, all but one (Las Vegas-Paradise, Nevada) were in California or Florida.

Source: By Real Estate Bubble http://www.nationalbubble.com/