Cleaning & Restoration Breaking News

U.S. 2003 Home Prices Rise 7.97 Percent

March 1, 2004
/ Print / Reprints /
/ Text Size+
NEW YORK (Reuters) - U.S. average home prices rose 7.97 percent in 2003 from 2002, driven by strong housing demand and historically low mortgage rates, the Office of Federal Housing Enterprise Oversight (OFHEO) said on Monday.

This increase marked the fourth straight year in which average home prices climbed more than 7.5 percent across the country, OFHEO said.

Home price growth accelerated in the last quarter of 2003, rising 3.67 percent, more than 2 percentage points higher than the increase in the third quarter, the financial regulator of mortgage finance giants of Fannie Mae and Freddie Mac said in a statement.

"The fourth quarter surge is particularly impressive right now because it comes on the heels of much more moderate increases earlier in the year," said OFHEO director Armando Falcon.

During the last quarter of 2003, all but two states saw price increases and even states that had been lagging the national average experienced a substantial pickup in home appreciation, according to the regulator.

The biggest price increases during the past year took place in Rhode Island, California, and the District of Columbia, and the smallest rises in Utah, Texas and Colorado, it said.

Robust home appreciation, plus low rates, also have enticed a flood of cash-out refinancings, a key cash source for consumers in an uneven U.S. economy.

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.



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.


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


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


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


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

Click here to view


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

Click here to view


facebook_40.png twitter_40px.png youtube_40px.pngcrc logo