OFHEO Home Price Index Plummets 3.1% Y/Y, Largest Drop on Record

The Office of Federal Housing Enterprise and Oversight’s (OFHEO) home price index is down 1.7% q/q and 3.1% y/y. The decline represents an acceleration in the housing slump (at least as of Q1) and is the worst drop since records began 17 years ago. OFHEO:

U.S. home prices fell in the first quarter of 2008 according to OFHEO’s seasonally-adjusted purchase-only house price index. The index, which is based on data from home sales, was 1.7 per cent lower on a seasonally-adjusted basis in the first quarter than in the fourth quarter of 2007. This decline exceeded the 1.4 per cent price decline between the third and fourth quarters of 2007 and is the largest quarterly price decline on record. Over the past year, prices fell 3.1 per cent between the first quarter of 2007 and the first quarter of 2008. This is the largest decline in the purchase-only index’s 17-year history.

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