The OFHEO House Price Index (HPI) usually doesn’t get ntoo much attention (except here where we regard it as the best, or at nleast the most interesting of the periodic housing indicators) but this ntime around people began anticipating it days before it was actually nissued and there was speculation that it would be the harbinger of really nbad news to come.

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The Index, however, did not show a nationwide drop in housing prices nas had been expected, just the smallest increase in many years.

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