Gov't Home Price Index Posts Largest Drop In 17-Year History

By: Associated Press
By: Associated Press

WASHINGTON (AP) - U.S. home prices have posted their sharpest
first-quarter decline since the government began keeping track 17
years ago.
The Office of Federal Housing Enterprise Oversight says home
prices fell 3.1 percent in the first quarter compared with last
year. The index also fell 1.7 percent from the fourth quarter of
2007 to the first quarter of 2008, the largest quarterly price drop
on record.
Prices were lower in 43 states. California and Nevada had the
biggest declines.
The government index is calculated by tracking mortgage loans
that are bought or backed by the government-sponsored
mortgage-finance companies Fannie Mae and Freddie Mac.

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