by Calculated Risk on 6/08/2006 10:53:00 PM

Last year I compared the change in the FED's estimate of the total value of household real estate with the OFHEO House Price Index (HPI).

The FED's estimate of the value of household real estate is in the Flow of Funds report: B.100 Balance Sheet of Households and Nonprofit Organizations. The FED includes any new stock put into place and improvements to existing stock, so we need to subtract the value of new private single family construction and improvements for the same time period.

OFHEO's House Price Index showed an increase of 2.03% for Q1 2006.

The FED's method showed an increase of 1.85%. Once again, about the same.