The OFHEO Home Price Report (PDF) shows their all-transactions House Price Index (HPI) rose 0.1 percent over the latest quarter and 0.8 percent over the latest year. Of the 291 cities on OFHEO’s list of “ranked” MSAs, 192 had positive four-quarter appreciation and 99 had price declines. Of the 20 ranked cities with the greatest price declines over the latest four quarters, all but two were in California or Florida (Nevada and Michigan accounted for the remainder). 40 of the 51 “states” (they include D.C.) showed appreciation, and while 11 showed losses in value, there were nine that showed average annual gains of 5% or more, year over year.

See also: Home Price Appreciation and its Measurement, Compare and Contrast on Home Price Appreciation Indices, and Calculating the Home Price Impact.