Cleaning & Restoration Breaking News

Q2 home prices rose 6.48 percent from previous year

September 3, 2002
/ Print / Reprints /
ShareMore
/ Text Size+
WASHINGTON, Sept 3 (Reuters) - U.S. homes climbed in value over the 12 months ending in June, a U.S. government housing regulatory agency said on Tuesday.

Average U.S. house prices for the second quarter rose 6.48 percent from the same period a year earlier, the Office of Federal Housing Enterprise Oversight said.

Measured nationally, the rate of house price appreciation has slowed on an annual basis for the last five quarters, OFHEO's report said. House prices gained 1.88 percent from the previous quarter, OFHEO said in a quarterly survey of home values.

Despite an uncertain recovery from recession in the United States, the U.S. housing industry has boomed as mortgage interest rates scrape 30-year lows.

Among the larger metropolitan areas, only San Jose, Calif., the heart of Silicon Valley, experienced a decline over the 12-month period, an annual drop of 3.72 percent. However, San Jose home prices rose 1.65 percent over the previous quarter.

The larger area with the greatest one-year increase was Yolo, Calif., where values rose 15.36 percent. Rounding out the top five gainers were Barnstable, Mass., Santa Barbara, Calif., Nassau, N.Y., and Fort Lauderdale, Fla.

Housing market watchers are concerned prices could fall rapidly in areas where values have soared. OFHEO said price declines in some locations that have gone through economic downturns -- such as Silicon Valley -- are much more moderate than in such situations in the past.

At the same time, the regulator said it could not rule out bigger local price declines in the future.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.

Podcasts

Have a limited marketing budget but realize the importance of neighborhood marketing? Try doorknob hangers, a low-cost, yet highly effective way to drum up more business. In this episode, John Braun discusses the value of this tactic as well as what you should include on the materials you're hanging.
More Podcasts

ICS Cleaning Specialist Magazine

CoverImage

2014 September

The September issue of ICS features stories on moisture detection, disinfectant services, neighborhood marketing, then we discuss the last level of being phenomenal, and cool products.

Table Of Contents Subscribe

Social Media

Social media is a good way to regularly keep in touch and interact with current clients and reach potential ones. What social mediums do you use in your cleaning/restoration business?
View Results Poll Archive

THE ICS STORE

Get Paid! book cover
Get Paid! (ebook)
Over 30 authors – over 40 articles…from attorneys, contractors, consultants, instructors and others, both inside and outside the restoration industry. R & R, C & R and Cleanfax, opened their archives and gave us the best they had, other chapters were created just for the “Get Paid!” book and its readers. And every one of them has ideas for how to get paid what you are owed.

More Products

ICS DIRECTORY AND BUYING GUIDE

Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.pngcrc logo