OFHEO shows home values falling 4 percent
The value of Maryland homes sold or refinanced this spring fell 4 percent from a year earlier, the Office of Federal Housing Enterprise Oversight said today.
That's the seventh-largest drop in the country, though it's well behind the usual-suspect states of California (down almost 16 percent), Nevada (down 14 percent), Florida (down about 12.5 percent) and Arizona (down 9 percent).
OFHEO, as you may already know, tracks repeat transactions of the same single-family houses. That means it avoids apples-to-oranges comparisons, though its statistics don't include so-called "jumbo" loans.
One fact of note: Maryland home prices are up 66 percent vs. five years ago. Only D.C. (up 72 percent) and Hawaii (up 81 percent) can top that.
That's either good or bad, depending on your perspective.