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Housing Market Strengths and Risks

Table 1
As Recession Evolved, Home Price Appreciation Waned Through 2001
...Further Deceleration in Growth (or Declines) May Be Possible in 2002

MSAs Ranked by Deceleration in Home Price Index between first quarter and fourth quarter 2001 Annual Percent Changes,
OFHEO Home Price Index
1998-2000, Average 2001, First Quarter 2001, Fourth Quarter
United States 6.3 9.6 6.9
San Jose CA PMSA 17.7 24.4 0.6
Santa Cruz-Watsonville CA PMSA 16.8 25.7 5.9
San Francisco CA PMSA 16.5 19.4 3.5
Salinas CA MSA 13.7 24.3 9.4
Santa Rosa CA PMSA 14.8 22.7 8.6
Oakland CA PMSA 14.7 22.3 8.2
Austin-San Marcos TX MSA 9.4 15.2 5.0
Merced CA MSA 6.4 24.6 15.7
Jamestown NY MSA 4.9 9.9 1.6
Stockton-Lodi CA MSA 9.0 22.8 14.9
Wheeling WV-OH MSA 4.1 10.8 3.7
Goldsboro NC MSA 4.0 7.9 0.9
Cumberland MD-WV MSA 2.7 8.6 1.8
Lewiston-Auburn ME NECMA 4.2 14.0 7.1
Bangor ME NECMA 3.7 13.2 6.5
Fargo-Moorhead ND-MN MSA 4.0 11.1 4.6
Barnstable-Yarmouth MA NECMA 12.8 17.6 12.5
Pine Bluff AR MSA 2.2 6.6 0.3
Dubuque IA MSA 3.9 8.8 2.5
Boulder-Longmont CO PMSA 10.9 14.6 8.3
Denver CO PMSA 11.1 13.7 7.9
Utica-Rome NY MSA 3.5 14.6 9.1
Vallejo-Fairfield-Napa CA PMSA 11.8 20.0 14.7
Bryan-College Station TX MSA 4.8 11.1 5.8
San Diego CA MSA 11.8 15.6 10.4
San Luis Obispo-Atascadero-Paso Robles CA MSA 11.4 19.2 14.2
Tucson AZ MSA 3.3 8.6 3.6
Jersey City NJ PMSA 8.0 11.1 6.2
Clarksville-Hopkinsville TN-KY MSA 3.3 9.1 4.2
Rapid City SD MSA 6.2 8.9 4.1
La Crosse WI-MN MSA 5.7 7.4 2.6
St. Cloud MN MSA 6.9 10.4 5.7