House prices slip in third quarter
It was the slightest of declines, but a negative number is a negative number. The Office of Federal Housing Enterprise Oversight says that house prices in St. Louis fell by 0.02 percent in the third quarter, in line with a national trend that saw the first quarterly decline in 13 years. Nationally, the third-quarter decline was 0.4 percent.
St. Louis’ 12-month numbers are still positive. Home prices here rose 2.3 percent between the third quarter of 2006 and the third quarter of 2007, OFHEO reported. For the past five years, they’re up 31.8 percent.
OFHEO said 21 states registered price declines in the third quarter, and 10 states had 12-month declines. Missouri’s house prices fell 0.09 percent in the quarter but were up 2.73 percent in the past year. Illinois’ prices were up 0.02 percent for the quarter and 2.48 percent over 12 months.
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David Nicklaus has covered St. Louis business for more than 25 years. His column appears three days a week on the Post-Dispatch business page. 
