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Prices Drop in Four States.(Brief article)

Mortgage Servicing News

| April 01, 2007 | COPYRIGHT 2007 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

WASHINGTON -- Data from the Office of Federal Housing Enterprise Oversight show that house prices dropped in California, Nebraska, North Dakota and Nevada during the fourth quarter of last year.

Michigan, which had seen a price drop in the third quarter, saw a slight increase in the fourth.

While the declines were slow, they illustrate that nationally, home price appreciation slowed dramatically in the fourth quarter of last year, according to analysts at Friedman Billings Ramsey. Moreover, the pockets where prices are stagnant or slipping seem to be growing.

The OFHEO data found that the annualized home price appreciation rate slipped to 5.87% in ...

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