Indicators:








 
Indices:


Residential Real Estate: Housing Price Appreciation Index (Q4 2007)
 
Appreciation Rates
and MSA Rankings*		 Annual Appreciation Rate Quarterly Appreciation Rate Five-Year Appreciation Rate
Current Period
(Q4 2007)		 Previous Period
(Q3 2007)		 One Year Ago
 (Q4 2006)		 Current Period
(Q4 2007)		 Previous Period
(Q3 2007)		 One Year Ago
 (Q4 2006)		 Current Period
(Q4 2007)		 Previous Period
(Q3 2007)		 One Year Ago
 (Q4 2006)
Las Vegas MSA -5.99 -2.51 5.36 -2.95 -1.03 0.06 80.52 88.33 102.61
MSA Ranking (1 = Highest) 257 241 133 274 204 214 21 19 30
Other Notable Locations:
Reno MSA (NV) -7.83 -6.23 4.12 -2.39 -1.63 -0.73 65.05 72.46 100.08
MSA Ranking (1 = Highest) 273 267 265 261 224 249 58 50 33
Phoenix MSA (AZ) -3.42 -0.74 16.90 -1.80 -1.00 0.77 82.76 88.61 99.13
MSA Ranking (1 = Highest) 247 217 60 250 201 155 16 18 37
Bakersfield MSA (CA) -7.99 -3.66 8.51 -3.90 -2.76 0.78 99.57 113.82 139.45
MSA Ranking (1 = Highest) 275 252 67 280 260 153 2 2 3
St. George MSA (UT) -1.91 -0.09 20.58 -0.14 0.05 4.37 77.85 81.21 88.56
MSA Ranking (1 = Highest) 220 207 28 184 134 10 28 32 52
Los Angeles MSA (CA) -3.23 -0.07 9.20 -2.69 -0.53 0.13 95.75 107.86 131.90
MSA Ranking (1 = Highest) 244 206 53 268 176 209 3 3 7
San Diego MSA (CA) -7.20 -5.07 3.21 -2.57 -1.85 -0.20 51.58 61.75 98.70
MSA Ranking (1 = Highest) 271 262 260 264 233 230 94 75 39
Boise-Nampa MSA (ID) 1.74 4.46 17.94 -0.16 -0.02 1.02 65.24 66.75 67.66
MSA Ranking (1 = Highest) 146 74 5 187 141 134 56 65 78
*HPI calculations include refinancing.

Indicator Series Methodology: The Housing Price Appreciation Index (the “HPAI”) is a measure designed by the Office of Federal Housing Enterprise Oversight (OFHEO) to capture changes in the value of single-family homes in the U.S. as a whole, in various regions of the country, and in the individual states and metropolitan areas. The base data are produced by OFHEO and reported generally as the Housing Price Index. The name of the index has been changed here to avoid confusion with other indices reported pursuant to the Clark County Monitoring Program.
Each quarter, Fannie Mae and Freddie Mac provide OFHEO information on their most recent mortgage transactions. These data are combined with the data of the previous 30 years to establish price differentials on properties where more than 10,000 mortgage transactions have occurred. The data are merged, creating an updated historical database that is then used to estimate the index. Higher values indicate higher rates of appreciation.