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.
The HPI tracks average house price changes from repeat sales or refinancings of the same single family houses as obtained from data collected and maintained by Freddie Mac and Fannie Mae. The data base contains information on more than 33 million repeat transactions over the last 32 years and the "purchase only" index is based on 4.9 million transactions.
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