Federal report shows D-FW home prices still rising
Author: boored
Category: Real Estate
Home prices in the Dallas area were up about 5 percent at midyear compared with second quarter 2006 in the Office of Federal Housing Enterprise Oversight’s quarterly report released Thursday.
The federal report was the second this week to show Dallas home prices still rising.
Dallas’ increase compares with a 3.2 percent one-year nationwide gain for the same period - the lowest such increase since in 10 years.
U.S. home prices were up only 0.1 percent from the first quarter.
“House prices were basically flat in the second quarter despite tightening credit policies, rising foreclosure rates, and weakening buyer sentiment,” Federal Housing Office Director James Lockhart said in a statement.
The region of the nation that includes Texas, Oklahoma, Arkansas and Louisiana had the strongest home price gains in the nation in the second quarter. And all of Texas’ cities had increasing prices.
El Paso had the seventh biggest one-year price increase in the country - up 12.49 percent.
In the Austin area, prices were up 10.76 percent, and they rose 10.62 percent in Beaumont-Port Arthur.
The Fort Worth area showed a 3.57 percent gain from last June.
Out of the 287 markets in the federal housing report, 61 saw declining prices in the second quarter. The largest losses were in California.
The Office of Federal Housing Enterprise Oversight makes its quarterly report based on information it obtains from loans made by the country’s two largest mortgage sources: Fannie Mae and Freddie Mac.
Analysts who prepared the in-depth housing data warned that the latest figures do not reflect “the extent recent mortgage market instability may have affected housing demand and prices.”
The impact of the current mortgage industry turmoil won’t show up until at least the third quarter report, they say.
Despite the recent gains, the Dallas area has had only modest home price increases in previous OFHEO reports.
For the last five years, home prices in the Dallas area have risen only 18.77 percent, compared with a 50.76 percent rise nationwide.
Earlier this week, a report by Standard & Poor’s/Case-Shiller estimated that Dallas-area home prices were up 1.6 percent from a year earlier.
Recent reports from the National Association of Realtors have said that the nationwide home price decline is the worst on record.
Source:
investment property
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