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The Budget and Economic Outlook: An Update

September 2008

Indexes of House Prices (Percentage change from previous year)
Line chart showing the S&P/Case-Shiller national index of housing prices and the Office of Federal Housing Enterprise Oversight's (OFHEO's) purchase-only price index. In both indexes, the year-to-year percentage change in house prices increases in the late 1990s until it peaks in 2005, then drops sharply over the next two and a half years. The percentage decline in prices from mid-2007 to mid-2008 is 15.4 in the Case-Shiller index and 4.8 in the OFHEO index.

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