Unlike the see-saw figures on housing
sales and house prices that come out monthly from the National
Association of Realtors and the Census Bureau, the House Price
Index (HPI) published quarterly by the Office of Federal Housing
Enterprise Oversight (OFHEO) takes the longer view.
The HPI for
the fourth quarter of 2006 was released on March 1, and while it clearly
shows that the bubble is no longer expanding
insanely...
...