The Office of Federal Housing Enterprise Oversight recently released 2nd Quarter 2008 survey supports my own suspicions that the Indiana housing market is doing much better than other parts of the nation. Here are the changes in year over year housing prices for the separate Indiana Metropolitan Statistical Areas and their rank nationally among the 292 MSA's in the report.
MSA +/- Year to Year Rank
- Columbus +4.50% 20th
- Bloomington +3.81% 32nd
- Anderson +3.21% 44th
- Louisville-Jefferson +3.19% 45th
- South Bend +1.77% 92nd
- Terra Haute +1.76% 93rd
- Indy-Carmel +1.72% 97th
- Gary +1.59% 101st
- Lafayette +1.33% 109th
- Evansville +0.35% 145th
- Fort Wayne -0.67% 178th
The data for this survey is from sales and refinances involving conforming mortgage loans purchased or securitized by Fannie Mae and Freddie Mac. The Muncie MSA is not included because of too few transactions in the survey. The complete survey is here under the House Price Index tab: http://www.ofheo.gov/
I have not seen or heard any reference to the OFHEO survey in the Indiana media. Our local newspaper here in Bloomington and also the Indy Star, I think, both ran the stories about the recently released Case-Shiller survey showing housing values declining over 15% nationally. The Case-Shiller survey is widely reported and highly regarded but contains zero data from Indiana.
The OFHEO survey once again confirms that real estate is local and that there's no substitute for local knowledge.
If you're in one of these markets, how does this survey compare to your own opinion about the market? Let us know.
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