The Office of Federal Housing Enterprise Oversight released its quarterly home price appreciation report for the fourth quarter of 2006 last Thursday. Quarterly price appreciation was 1.12% compared to a revised 1.03% in 3Q06 (previously reported as 0.86%). The previous year's house price quarterly appreciation was 3.03%. The numbers translate to annual growth of 4.47% in the fourth quarter, improved from 4.11% in 3Q06, but down from 12.13% in the fourth quarter of 2005.

OFHEO's survey also reported that prices in the fourth quarter of 2006 were 5.9% higher than they were in the same the previous year. This compares to 7.9% in the third quarter and 13.25% reported for Q405. OFHEO director James Lockhart said the data "suggests that house price appreciation is, for now, more in line with historical norms."

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