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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (51933)	6/1/2006 11:42:05 AM
From: regli	Respond to of 116555

Mish, I believe that refinancing has had a significant effect on the data. Check out this document for more detailed insight: ofheo.gov "... An important factor that has affected the HPI in some recent quarters is the influence of refinancings on the overall index. The figure below shows percent changes in the HPI for the United States as a whole over the prior four quarters compared with changes in an index constructed using only house prices associated with mortgages used for house purchases. The upward trend is the same, but the purchase index has accelerated much more smoothly. Over the past year, while the HPI has risen 11.17 percent, the purchase index has risen 10.24 percent. ..."