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Hot Housing Market May Be Cooling

A new federal report indicates the red-hot housing market may be cooling. The Office of Federal Housing Enterprise Oversight says home price growth slowed dramatically in the third quarter of the year. The agency, which regulates Fannie Mae and Freddie Mac, says from July through September, home prices rose by just .84 percent.

In contrast, prices had been advancing by about two percent per quarter for most of the past two years, helped by low interest rate mortgages.

Home prices actually declined during the third quarter in seven states – Vermont, Illinois, Kansas, Michigan, Wisconsin, South Dakota and Alaska.