More bad news for the "home prices are crashing" crowd

The federal Office for Housing Enterprise Oversight (OFHEO) quarterly report is one of the most complete and reliable snapshots of the state of housing prices.

The report for the period ending September 30 (released today) shows a quarter-over-quarter decline of 0.4% in home prices nationally, and a rise of 1.8% over the previous year. Prices in the Chicago-Naperville-Joliet Metropolitan Statistical Area fell 0.11% during the quarter, and rose 2.16% during the year.

Read the press release and the full OFHEO report (pdf file).

Don’t expect any of these facts to have any more impact on the doomsayers than any other report that interferes with their wishful thinking.

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