House Price Index Update — New York and Miami

posted on September 4th, 2008 filed under: Real Estate News

Another calendar quarter, another batch of data.  Here are updated charts incorporating the most recent release of the House Price Index (HPI) maintained by the Office of Federal Housing Enterprise Oversight (OFHEO).

In the New York metro area, prices have moved sideways for a couple of years now.  This is consistent with the operative thesis here, i.e., that prices in New York will be roughly flat at best for about five to seven years beginning in 2005, with greater risk to the downside than to the upside.

Chart.OFHEO.NY.2Q08

In the Miami metro area, prices remain in decline and are still far above their long-term trendline.  This, too, is consistent with the operative thesis here, i.e., that prices in Miami will fall 30% to 50% over a period of three to four years, and not return to their old highs until more than a decade has passed.

Chart.OFHEO.Miami.2Q08

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