Bend home prices drop in second quarter
Published: August 27. 2008 4:00AM PST
Bend’s home prices fell 7.15 percent from second quarter 2007 to second quarter 2008, according to a house price index released Tuesday by the Office of Federal Housing Enterprise Oversight.
The area’s prices dropped 3.91 percent from the first quarter this year to the second quarter, the report said. Over the past five years, however, home prices in the metropolitan statistical area, which includes all of Deschutes County, increased 66.08 percent.
The MSAs with the sharpest depreciation over the year were Merced, Calif., down 34.5 percent; Stockton, Calif., down 31.7 percent; and Modesto, Calif., down 28.5 percent, according to the report.
Overall, U.S. home prices fell 1.4 percent from the first quarter to the second quarter of 2008, according to the report’s seasonally adjusted house price index, which is based on data from home sales.
Over the past year, national home prices fell 4.8 percent from the second quarter of 2007 to the second quarter of 2008, according to the data.
While both the OFHEO house price index and the S&P/Case-Shiller index employ the same fundamental approach on valuation, the S&P/Case-Shiller index only uses information from county assessor and recorder offices. The OFHEO house price index also includes refinance appraisals, according to the report, which can be viewed at www.ofheo.gov/ media/PDF/2q08hpi.pdf.
— Jeff McDonald, The Bulletin
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