Figure 13: Change in prices of existing single-family homes, 1990-2008.
Data are plotted as curves. The LP price index begins in 1990 with a value of about 4 percent, and moves within a range of zero to 5 percent until the third quarter of 1998. The series rises to a peak of nearly 16 percent in the third quarter of 2005, then drops sharply to about negative 12 percent in the fourth quarter of 2008. The FHFA index begins in 1990 with a value of about 5 percent, dropping at the end of the year to about 1 percent, then rising, on balance, to a peak of about 10 percent in 2005, and falling, on balance, to about negative 8 percent by year-end 2008.
NOTE: The data are quarterly and extend through 2008:Q4; changes are from one year earlier. The LP price index includes purchase transactions only. For 1990, the FHFA index (formerly calculated by the Office of Federal Housing Enterprise Oversight) includes appraisals associated with mortgage refinancings; beginning in 1991, it includes purchase transactions only.
SOURCE: For LP, LoanPerformance, a division of First American CoreLogic; for FHFA, Federal Housing Finance Agency.
