Average home prices appreciated at an annual rate of 6.89% in 2002, but the appreciation slowed considerably in the second half of the year, according to the Office of Federal Housing Enterprise Oversight.OFHEO said house price growth in the fourth quarter had slowed to an average of only 0.83%. Rhode Island topped the ranking in house price appreciation during 2002 with a 15.72% rate, followed by Washington, D.C. (12.42%), New Jersey (11.79%), California (11.46%), and New Hampshire (11.02%). OFHEO maintains a House Price Index based on sales and refinancing of single-family homes whose mortgages are purchased or securitized by Fannie Mae and Freddie Mac. The agency can be found online at http://www.ofheo.gov.
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