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| Report: Home Prices Rise at Sluggish Pace |
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(September 6, 2006) --
U.S. home prices rose more slowly in the second quarter than they have in three decades, according to the office of Federal Housing Enterprise Oversight, the agency that oversees Fannie Mae and Freddie Mac.
The average home price rose 1.17 percent in the April through June period, compared with 3.65 percent in the second quarter of 2005. That's the biggest decline in price growth since the agency started tracking home prices in 1975, the report says.
The agency cited higher interest rates and rising inventories of homes for sale as possible factors in the slowdown in price growth.
"These data are a strong indication that the housing market is cooling in a very significant way," agency Director James B. Lockhart says in a statement. "Indeed, the deceleration appears in almost every region of the country."
Source: Associated Press , Marcy Gordon (09/05/2006) |
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