California real estate and Florida real estate had the most price declines in 2007, according to an 88 page report from the Office of Federal Housing Enterprise Oversight (OFHEO). This report is titled "Widespread House Declines in Fourth Quarter," but in reading the report, theres good news for some areas of the country. On pages 32 through 49 of this report, the full list of the city appreciation and depreciation rates can be found.
Of course the title of the report isn't as positive as most of the data indicates.
Each set of statistics this report uses, show different aspects of the housing market. Statistics can be used to make any point you want. Choosing the best place to invest in US real estate has become easier with the information available in the Internet. You still have to interpret statistics and read full reports to get the full picture. US real estate still provides one of the best available forms of investment for people looking to grow wealth over the long run.
The report can be found at: http://www.ofheo.gov/media/pdf/4q07hpi.pdf
Heath Coker, Owner of Cape Group Real Estate
www.CapeGroup.com / capegroup@capegroup.com
508-548-8888 Licensed in MA
Its a beautiful day on Cape Cod!
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Being from Florida I can believe that. It is shocking what some of the properties are going for now.
Heath, I'm in Orlando and I've got to tell ya. homes are a dime a dozen. I just saw a home sell for $350k that was over $600k 3 years ago. WOW.
It took 88 pages to tell us this? A 100-word email message could have done it. No big surprise.
To add to the report; CA & FL also had the highest rate of appreciation and increase in property values between 2003-2006. So, it is only natural that the adjustments be profound as well.
Heath, wow, what a detailed report. I was surprised that Michigan wasn't the leaded in depreciation. Thanks for sharing. Duane
I thought the title of this report was deceiving. There is so much more good news in there. Like 40 of the 50 states are still positive! Makes you wonder who is making the media cool-aid?