Home Prices Slow in Second Quarter

Home prices around the country registered their smallest gain in more than six years, according to a report just released by the Office of Federal Housing Enterprise Oversight. The report noted that home prices rose by just 1.17 percent in the second quarter, compared to the same period last year, the slowest rate since the final quarter of 1999. The report noted that in areas such as Southern California and the San Fernando Valley, the slowdown has not eaten appreciably into housing prices, which have more than doubled over the past five years. However, it did note that some of areas of the country which have seen the strongest price increases, are now seeing values moderate at the fastest rates.