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House prices continue to climb
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House prices continue to climb# Living
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particularly in supply-constrained markets
Rapid increases in house prices have been a striking feature of the economic
scene in recent years, and that pattern continued through the end of last
year. The repeat-transactions House Price Index (HPI) produced by the Office
of Federal Housing Enterprise Oversight (OFHEO) showed a year-over-year
increase of 11.17% in the fourth quarter of 2004, down a bit from the
third-quarter pace but still in the high end of observations for the history
of the ser
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