The Office of Federal Housing Enterprise Oversight (now there’s a mouthful) is out with its quarterly report on House Price Index (HPI) which analyzes housing price appreciation trends. If you’re interested in the full report is available here. Click on House Price Appreciation Slows Further (November 30, 2006).

     For me, all I needed was this quote from the press release:

“House prices continued to rise through the third quarter in most of the country, but generally at only low or moderate rates,” said OFHEO Chief Economist Patrick Lawler.   “The transition from sizzling markets to normal or weak markets has been orderly so far, and recent drops in interest rates lessen the likelihood that precipitous changes will occur."

     As I continue to say the Richmond market has returned to a "normal" market. I know Chicken Little headlines sell newspapers, but the facts dispute the headlines.