Top 10 U.S. Cities with Highest Rates of House Price Appreciation

After five consecutive quearters the highest rates of house-price apprecaition in the nation, Utah fell to no. in this year's first quater, according to a May report by the U.S. Office of Federal Housing Enterprise Oversight.

For the three months ended March 30, Utah home prices appreciated 5.58 % compared to the first quater of 2007. When compared to the fourth quarter of 2007, Utah home prices declined slightly at 0.20%.

Wyoming saw the strongest house-price apprecaition of all states at 6.34%. California ranked dead last, with home prices there dropping 10.58%. Besides California, 14 other states (including Nevada, Florida, Arizona and Michigan) saw home prices fall.

Three Utah cities made the top 20 list of 292 U.S. cities showing the highest rates of apprecaition.

Nationally, home prices were down 0.03% in the first quarter compared to a year ago and down 0.23% compared to the fourth quarter of 2007.

James B. Lockhart, OFHEO director, said the naitonal price declines bring positive and negative news, " For homeowners and financial market observers, these declines spell further erosion in home equity levels and potentially more trouble for mortgage markets," Lockhart said. " To prospective home buyers who have been shut out of homeownership because of affordability constraints, these declines may be welcome news, as are continued low mortgage rates."

Top 10 U.S. Cities with Highest Rates of House Price Appreciation

Houma-Bayou Cane-Thibodauz, LA-11.22%
Grand Junction, CO-9.08%
Wenatchee, WA-8.02%
Austin-Round Rock, TX-7.74%
Billings, MT- 7.09%
Provo-Orem, UT- 6.76%
Anderson, SC-6.73%
Mobile, AL-6.64%
Ogden-Clearfield, UT-6.64%
Hickory-Lenoir-Morganton, NC-6.41%