Monetary Policy Report submitted to the Congress on February 27, 2008, pursuant to section 2B of the Federal Reserve Act
| Period | Repeat-transactions index | S&P/Case-Shiller ten-city index |
|---|---|---|
| 1988:Q1 | 6.38 | 11.71 |
| 1988:Q2 | 6.62 | 10.70 |
| 1988:Q3 | 6.08 | 10.87 |
| 1988:Q4 | 6.23 | 10.68 |
| 1989:Q1 | 5.75 | 10.89 |
| 1989:Q2 | 4.91 | 10.94 |
| 1989:Q3 | 6.18 | 8.41 |
| 1989:Q4 | 6.04 | 6.67 |
| 1990:Q1 | 5.07 | 4.67 |
| 1990:Q2 | 3.66 | 1.93 |
| 1990:Q3 | 1.67 | -0.26 |
| 1990:Q4 | 0.27 | -2.80 |
| 1991:Q1 | 0.62 | -5.34 |
| 1991:Q2 | 1.06 | -5.71 |
| 1991:Q3 | 0.78 | -3.64 |
| 1991:Q4 | 1.91 | -2.22 |
| 1992:Q1 | 1.99 | -0.32 |
| 1992:Q2 | 1.91 | 0.31 |
| 1992:Q3 | 2.78 | -1.15 |
| 1992:Q4 | 2.65 | -1.60 |
| 1993:Q1 | 1.47 | -1.64 |
| 1993:Q2 | 2.71 | -1.95 |
| 1993:Q3 | 2.76 | -1.72 |
| 1993:Q4 | 2.83 | -1.41 |
| 1994:Q1 | 3.79 | -0.73 |
| 1994:Q2 | 3.71 | 0.52 |
| 1994:Q3 | 3.54 | 1.28 |
| 1994:Q4 | 2.90 | 1.65 |
| 1995:Q1 | 2.44 | 1.22 |
| 1995:Q2 | 2.45 | 0.15 |
| 1995:Q3 | 2.65 | -0.19 |
| 1995:Q4 | 2.70 | -0.36 |
| 1996:Q1 | 3.37 | -0.15 |
| 1996:Q2 | 3.37 | 0.89 |
| 1996:Q3 | 3.11 | 1.15 |
| 1996:Q4 | 3.08 | 1.65 |
| 1997:Q1 | 2.69 | 2.12 |
| 1997:Q2 | 2.99 | 2.79 |
| 1997:Q3 | 3.07 | 3.84 |
| 1997:Q4 | 3.44 | 4.86 |
| 1998:Q1 | 4.11 | 6.55 |
| 1998:Q2 | 4.48 | 7.99 |
| 1998:Q3 | 5.05 | 9.39 |
| 1998:Q4 | 5.59 | 9.45 |
| 1999:Q1 | 5.77 | 8.87 |
| 1999:Q2 | 5.94 | 9.26 |
| 1999:Q3 | 6.13 | 9.32 |
| 1999:Q4 | 6.04 | 10.23 |
| 2000:Q1 | 6.37 | 11.48 |
| 2000:Q2 | 6.57 | 12.97 |
| 2000:Q3 | 6.69 | 13.17 |
| 2000:Q4 | 6.90 | 13.80 |
| 2001:Q1 | 6.97 | 14.41 |
| 2001:Q2 | 6.94 | 12.30 |
| 2001:Q3 | 6.93 | 10.88 |
| 2001:Q4 | 6.80 | 9.76 |
| 2002:Q1 | 6.59 | 7.95 |
| 2002:Q2 | 6.74 | 9.56 |
| 2002:Q3 | 7.18 | 12.25 |
| 2002:Q4 | 7.61 | 14.20 |
| 2003:Q1 | 7.63 | 15.23 |
| 2003:Q2 | 7.45 | 13.63 |
| 2003:Q3 | 7.48 | 12.25 |
| 2003:Q4 | 7.62 | 12.98 |
| 2004:Q1 | 8.04 | 14.92 |
| 2004:Q2 | 8.66 | 18.49 |
| 2004:Q3 | 9.04 | 20.29 |
| 2004:Q4 | 9.34 | 19.15 |
| 2005:Q1 | 9.44 | 18.72 |
| 2005:Q2 | 9.80 | 17.22 |
| 2005:Q3 | 9.78 | 15.87 |
| 2005:Q4 | 9.55 | 16.07 |
| 2006:Q1 | 8.99 | 13.79 |
| 2006:Q2 | 7.53 | 9.75 |
| 2006:Q3 | 5.50 | 5.33 |
| 2006:Q4 | 4.05 | 1.40 |
| 2007:Q1 | 3.33 | -1.22 |
| 2007:Q2 | 2.90 | -3.35 |
| 2007:Q3 | 1.94 | -4.91 |
| 2007:Q4 | -0.32 | -8.27 |
Note: The data are quarterly and extend through 2007:Q4; changes are from one year earlier. For the years preceding 1991, the repeat-transactions index includes appraisals associated with mortgage refinancings; beginning in 1991, it includes purchase transactions only. The S&P/Case-Shiller index reflects all arm's-length sales transactions in the metropolitan areas of Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco, and Washington, D.C.
Source: For repeat transactions, Office of Federal Housing Enterprise Oversight; for S&P/Case-Shiller, Chicago Mercantile Exchange.