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Home Values Up in Several Parts of the Country; Thirteen States Registered Price Gains - Thursday, August 28, 2008
"A good sign: home values in some parts of the U.S. have remained stable or edged up. Most areas in the West South Central region (Arkansas, Louisiana, Oklahoma and Texas) experienced price gains over the quarter and the past year." 13 states registered price gains over the past year, and 33 states had increases in the second quarter, according to the CMHPI Purchase-Only Series. Modest annual price gains of 2 % or more occurred in North Carolina, North Dakota, Oklahoma, South Dakota, Texas and West Virginia which have benefited from stronger local economies. Annual drops of more than 10 % occurred in Arizona, California, Florida, Michigan and Nevada, which have experienced either weak local economic conditions or overbuilt markets. West South Central Division (AR, LA, OK, TX): Sales Up 1.7 % in the second quarter of 2008. -- Over the last 12 months, home values up 1.6 %, and during the last five years, home values up 27.3 %. Middle Atlantic Division (NJ, NY, PA): Sales Down 0.5 % in the second quarter of 2008. Over the last 12 months, home values up 2.6 %, and during the last five years, home values up 38.8 %. East South Central Division (AL, KY, MS, TN): Sales up 1.7 % in the second quarter of 2008. Over the last 12 months, home values down 0.2 %, and during the last five years, home values up 26.7 %. East North Central Division (IL, IN, MI, OH, WI): Sales up 1.8 % in the second quarter of 2008. Over the last 12 months, home values down 4.0 %, and during the last five years, home values up 8.5 %. Mountain Division (AZ, CO, ID, MT, NM, NV, UT, WY): Sales down 0.6 % in the second quarter of 2008. In the last 12 months, home values down 5.6 %; during the last five years, home values up 39.5 %. West North Central Division (IA, KS, MN, MO, ND, NE, SD): Sales up 1.9 % in the second quarter of 2008. Over the last 12 months, home values up 2.3 %, over the last five years, home values up 15.8 %. South Atlantic Division (DC, DE, FL, GA, MD, NC, SC, VA, WV): Sales down 0.3 % in the second quarter of 2008. Over the last 12 months, home values down 5.5 %, and during the last five years, home values up 33.7 %. New England Division (CT, MA, ME, NH, RI, VT): Sales up 0.3 % in the second quarter of 2008. Over the last 12 months, home values down 5.1 %, and during the last five years, home values up 18.1 %. Pacific Division (AK, CA, HI, OR, WA): Sales down 5.4 % in the second quarter of 2008. Over the last 12 months, home values down 11.4 %, and during the last five years, home values have up 48.1 %