Chart 28 Consensus is for flat home prices assuming a benign macro environment. (OFHEO house price index, year-over-year change)

Year Percent
1976 6.2
1977 10.9
1978 13.4
1979 13.5
1980 8.1
1981 5.4
1982 3.1
1983 3.7
1984 4.5
1985 5.8
1986 7.6
1987 7.7
1988 6.2
1989 5.7
1990 2.6
1991 1.2
1992 2.2
1993 1.7
1994 1.9
1995 2.7
1996 3.5
1997 3.5
1998 5.1
1999 5
2000 6.9
2001 7.9
2003 6.9
2003 6.9
2004 10.9
2005 (estimated) 13
2006 (forecast) 5
2007 (forecast) 1.9

Notes: Forecasts for 2006, 2007 from Economy.com, Jan 2006.

Source: Office of Federal Housing Enterprise Oversight, Economy.com.