House Price Update 2007 Q3
Date: Thursday, November 29, 2007 @ 16:45:40 EST
Topic: Palm Beach County

By Christopher Cullen

The Office of Federal Housing Enterprise Oversight (OFHEO) released its 2007 Q3 House Price Index today and once again single family home prices in the West Palm Beach area have taken a hit: down 2.85% from the previous quarter.

In a press release, OFHEO Director James B. Lockhart commented on the national results:

“While select markets still maintain robust rates of appreciation, our newest data show price weakening in a very significant portion of the country. Indeed, in the third quarter, more than 20 states experienced price declines and, in some cases, those declines are substantial.”

In the same press release OFHEO Chief Economist Patrick Lawler noted:

“Rising inventories of for-sale properties are clearly having a material impact on home prices. Until those inventories shrink, that will be a great source of resistance to price increases.”

Clearly a thoughtful statement, to which I would only add: What we see is the result of allowing the greedy and the unscrupulous to run wild in an economic sector whose stability (or lack thereof) has a material impact on the average individual.

This article comes from Lake Worth Media

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