Spent some more time reading through the HPI report and noticed that the index only includes loans up to $417,000!
That's hardly entry level in many of the cities that have seen the most price appreciation, and may well exclude the section of the market that is currently seeing the most depreciation.
Also the "Purchase Only" Index still shows 2006 Q1 price apprecation, but much less -- 1.29% if I did my math correctly. But as I understand it, that too is limited to purchases up to $417,000.
My feeling at this point is that the NAR's report that 2006 Q1 prices fell by 3.3% is likely more accurate.
ac, yes - the OFHEO universe is limited to Fannie and Freddie conforming loans - we discussed this in the comments of the OFHEO thread, but I agree its worth repeating.
Personally I think the OFHEO price index is the best available from a long term perspective, but lags the actual price move.
I wonder if S&P indices are public information. With the introduction of the "S&P/CS Metro Area Home Price Indices", this would give a better picture than the OFHEO index, but still based on the same methodology.
very interesting point of the ofheo index only including fannie and freddie admitted loans up to $417,000. another excellent site which systematicaly surveys mls prices and numbers of listings around the country on a weekly basis benengebreth.org, finds that houses in the top quartile of listings have fallen by 6-8% percent points more than the median house in the top 15 markets over the past 9 months.
Wait... it gets better...
Spent some more time reading through the HPI report and noticed that the index only includes loans up to $417,000!
That's hardly entry level in many of the cities that have seen the most price appreciation, and may well exclude the section of the market that is currently seeing the most depreciation.
Also the "Purchase Only" Index still shows 2006 Q1 price apprecation, but much less -- 1.29% if I did my math correctly. But as I understand it, that too is limited to purchases up to $417,000.
My feeling at this point is that the NAR's report that 2006 Q1 prices fell by 3.3% is likely more accurate.
ac, yes - the OFHEO universe is limited to Fannie and Freddie conforming loans - we discussed this in the comments of the OFHEO thread, but I agree its worth repeating.
Personally I think the OFHEO price index is the best available from a long term perspective, but lags the actual price move.
Best Wishes.
I wonder if S&P indices are public information. With the introduction of the "S&P/CS Metro Area Home Price Indices", this would give a better picture than the OFHEO index, but still based on the same methodology.
Ah cool, I found it:
San Diego S&P Case-Shiller index
Look here for <a href="http://www.macromarkets.com/csi_housing/documents/tickers.pdf>other ticker symbols.
very interesting point of the ofheo index only including fannie and freddie admitted loans up to $417,000. another excellent site which systematicaly surveys mls prices and numbers of listings around the country on a weekly basis benengebreth.org, finds that houses in the top quartile of listings have fallen by 6-8% percent points more than the median house in the top 15 markets over the past 9 months.