July 2008 National Real Estate Figures Just Released

Real Estate News

It is great to know that the government is able to confirm what we all felt this summer in the real estate market with the recent release of the July 2008 numbers.

July 2008 numbers were worse than June 2008 according to the Office of Federal Housing Enterprise Oversight (OFHEO).

We see a 5.3% decline when comparing July 2007 to July 2008 National home prices and a .6% decline when comparing June 2008 to July 2008 prices.

Thus we had .3% more decline than the 5% decline we saw in the comparison of June 2007 to June 2008 prices and .6% more of a decline than the 0% change in value from May 2008 to June 2008 prices.

Numbers Don't Tell the Whole Story

The figures compiled by OFHEO are based only on sales whose loans are purchased or guaranteed by Fannie Mae and Freddie Mac. Thus loans that fall outside of conventional loan guidelines are not included.

Not As Bad As It Seems

Overall the decline isn't too bad with the OFHEO index showing just a 5.8% decline in U.S. Home Prices since the April 2007 Peak.

Date: Wednesday, September, 24th 2008 @ 06:13:00 PM
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