The Office of Federal Housing Enterprise Oversight (OFHEO) released its quarterly report yesterday, showing that appreciation growth in the second quarter was up only 1.17% from the first quarter- the slowest gain since 1975. Arizona’s gain was 2.94%.
The OFHEO report is considered more reliable than either average or median home prices, as it measures same house sales. According to the James B. Lockhart, Director of the OFHEO:
These data are a strong indication that the housing market is cooling in a significant way. Indeed, the deceleration appears in almost every region of the country.
