Tuesday, February 24, 2009

Home Prices in Q4 2008: More than 50% of U.S. States Showed Positive Growth in Home Prices

The OFHEO Price Index data was just released for the fourth quarter of 2008 and my friend and co-author at the Mackinac Center for Public Policy, James Hohman, points out the following:

  • There were 28 states that had positive quarterly growth in house prices for the fourth quarter of 2008, including Michigan.

  • There were 17 states that had positive home price growth in 2008, and 14 of them were Right-to-Work states.

12 Comments:

At 2/24/2009 8:23 PM, Anonymous poor boomer said...

Is positive growth in home prices a good thing?

 
At 2/24/2009 9:14 PM, Anonymous Anonymous said...

poor boomer, it may be if prices sank low enough. According to Case (of the Case-Shiller index), in some places houses were selling at below the cost of building them.

Of course, don't tell the administration any of this. This may tarnish its reputation as the lone actor who can save us all from the fiery pits of hell and put a crimp in its massive expansion of government.

 
At 2/25/2009 8:53 AM, Anonymous Anonymous said...

How does that Kool-Aid taste? We can expect a full court press from the ruling class that everything is okay so you can let down your guard and party like its 1999. I'm not falling for it. I will wait for more data for different "reliable" sources.

 
At 2/25/2009 10:17 AM, Anonymous Anonymous said...

We can expect a full court press from the ruling class that everything is okay...

What planet are you on? All we here from the "ruling class" is that we are doomed, the markets have failed and we must surrender our children's and grandchildren's money if we expect to survive. I'm begining to think Obama's last name is "crisis".

All Dr. Perry is showing is that the markets are still functioning, that the system is robust and home prices may be bottoming. Get a grip.

 
At 2/25/2009 11:31 AM, Anonymous Anonymous said...

A more likely reason for quarterly home prices to be up for Michigan is that the repossessed homes have been dumped by financial institutions at rock bottom prices to realtors who have resold them at a small profit margin. This can explain the +0.13% change in the OFHEO House Price Index for Michigan (2008 Q4), but nothing to get excited about.

 
At 2/25/2009 11:41 AM, Blogger bix1951 said...

the most efficient and economical way to house people is in apartments, not houses.
ownership is really not for everyone
it is good to have a landlord take care of the maintenance and pay the property taxes
instead of encouraging homeownership it would be better to lay off and let America work out housing needs without interferance and manipulation

 
At 2/25/2009 12:00 PM, Anonymous Anonymous said...

The State HPI Summary linked in the blog post does not match the data in the Latest HPI Report (pages 15 and 16 of the pdf).

The HPI Report shows that only 2 states (Hawaii & Vermont)had price gains in the fourth quarter.

Why is there a divergence?

 
At 2/25/2009 1:09 PM, Blogger lineup32 said...

The HPI Report shows that only 2 states (Hawaii & Vermont)had price gains in the fourth quarter.

maybe Perry is confusing an increase in inventory forsale with appreciation?

 
At 2/26/2009 7:46 AM, Blogger Paul Hue said...

The Government better hurry up and rescue the economy (or, more likely, stamp it down) before it fixes itself!

Hey, host, will you consider ending Anony posts, so that we can keep up with discussions?

 
At 2/26/2009 2:35 PM, Blogger 1 said...

"How does that Kool-Aid taste? We can expect a full court press from the ruling class that everything is okay so you can let down your guard and party like its 1999. I'm not falling for it. I will wait for more data for different "reliable" sources"...

Then why come to this site and whine like a spoiled child?

From an outfit foisting off the so called, 'green, recycling, and other tree hugging - rooting kissing' crapola: China is the newest investor to stalk cheap American foreclosed housing.

Even though the Chinese economy is slowing down due to the U.S. recession, Chinese investors are here and they are not just looking.

Reporting from Shanghai — Caravans of cash-rich Chinese in Hummers and Lincoln Navigators have been weaving through American neighborhoods in recent months, looking for foreclosures and other bargain properties to buy.

With housing prices crashing in the U.S., home-buying trips to America are becoming one of the more popular tour group packages in China. New U.S. visa rules for Chinese tourists and a loosening of foreign investment policies by China have made it easier for people such as Zhao Hongjun of Beijing to go house hunting across the Pacific.

Chinese home-buying missions in the U.S. are part of a broader trend of individuals and businesses in China seeking greater investment opportunities abroad. Last week government and business officials from China’s southern Guangdong province arrived in Los Angeles to create a regional chamber office.


That's right poor boomer, the commies are going to throw you out into the street...

It remains to be seen if its the Chineses commies or the Obama commies...LOL!

 
At 2/27/2009 12:18 PM, Anonymous Anonymous said...

Bubble, bubble, stimulus trouble...
go to the site and compare 3 states: CA, TX and FL, then you'll see why my house in Houston, TX increased by 2% last year! If it smells like a bubble, tastes like a bubble, looks like a bubble-Guess What??

 
At 3/24/2009 11:45 PM, Blogger jeromine said...

Hi nice Blog. Home Based Business opportunity-Work from Home is the leader in the industry and we can show you how you can take advantage of this fast-growing industry to build your own business and secure your financial future.

 

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