OFHEO: Home Prices Decline in 1st Quarter

The Office of Federal Housing Enterprise Oversight (OFHEO) released its House Price Index (HPI) for the first quarter of 2008 on Thursday. The new report says on a seasonally-adjusted basis, the prices of homes in the United States fell 1.7-percent between the first quarter of this year and the fourth quarter of 2007. In addition, OFHEO says home prices in its index dropped 3.1-percent between the first quarter of 2007 and the first quarter of 2008—making it the largest price drop in the purchase-only index's 17-year history. Full Story