U.S. home prices were down 5.3 percent in July compared to a year ago, and fell 0.6 percent from the month before, according to a monthly government price index.
That compares with a 5 percent annual decline and no month-to-month decline in June, according to the Office of Federal Housing Enterprise Oversight (OFHEO).
OFHEO’s monthly index tracks only sales of homes relying on loans that are purchased or guaranteed by Fannie Mae and Freddie Mac, and may understate price declines and appreciation in some markets because it excludes mortgages too large or risky for Fannie and Freddie.
The index showed monthly price declines in all nine U.S. Census Divisions, with prices falling hardest in the mid-Atlantic division (New York, New Jersey and Pennsylvania) and least in the West North Central Division (North Dakota, South Dakota, Minnesota, Nebraska, Iowa, Kansas and Missouri).
The index puts the cumulative decline in U.S. housing prices at 5.8 percent since an April 2007 peak.
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