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Garden State House Price Index Falls

The House Price Index (HPI) for New Jersey declined in the fourth quarter of 2007—on both a quarter-to-quarter and year-to-year basis, according to a release last week from the Federal Reserve Bank of Philadelphia.The House Price Index (HPI) for New Jersey declined in the fourth quarter of 2007—on both a quarter-to-quarter and year-to-year basis, according to a release last week from the Federal Reserve Bank of Philadelphia. The Garden State’s HPI fell 0.25 percent for the fourth quarter compared with the third quarter of 2007, meaning that home prices were lower in the fourth quarter than in the third. On a year-over-year basis, the HPI declined 0.3 percent in New Jersey, compared with a 0.8 percent increase nationally, according to the release.

The HPI, produced by the Office of Federal Housing Enterprise Oversight, includes both purchase prices and refinancing appraisal prices.