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Appreciation Strongest in Decades, But Some Markets are Left Out.
Washington -- Just when experts were predicting that home price appreciation would slow down, a government report shows that prices rose at the fastest rate in nearly three decades during the second quarter of 2005, but that doesn't mean home prices are rising at a fast clip across the board.
Nationally, home prices rose at 13.43% in the second quarter of this year, according to the Office of Federal Housing Enterprise Oversight.
Analysts at Friedman, Billings, Ramsey & Co., Arlington, Va., say they were not surprised by the strong price growth, noting that low interest rates and stronger-than-expected refinancing activity helped to keep home values rising.
But in a recent report, FBR also said the OFHEO numbers are "misleading" unless you look at price movement in each of the metropolitan areas covered by the report.
In fact, in 235 metropolitan statistical areas, representing 62% of the total market, price appreciation ranged from 0.5% to 10.0%, FBR said. And in 88 metropolitan areas, representing 23.2% of the total, appreciation fell between 2.5% and 5%. In 142 metropolitan markets, representing 26.8% of the market, house prices rose by more than 10%.
In other words, exceptionally strong appreciation in a handful of markets pushed the national average upward, FBR said.
Year-over-year, house prices rose 19.44% on average in 54 metropolitan areas that FBR analysts say are experiencing "speculative bubbles."
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