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Home Price Appreciation Slowing But Has Not Stopped

The OFHEO House Price Index (HPI) usually doesn't get too much attention (except here where we regard it as the best, or at least the most interesting of the periodic housing indicators) but this time around people began anticipating it days before it was actually issued and there was speculation that it would be the harbinger of really bad news to come.

The Index, however, did not show a nationwide drop in housing prices as had been expected, just the smallest increase in many years.