U.S. home prices dropped 3 percent in January compared to the same month last year, and fell 1.1 percent compared to December 2007, according to an index released today by the U.S. Office of Federal Housing Enterprise Oversight. Also today, Standard & Poor's released a separate monthly price index that measures price changes in 20 major U.S. metro areas. That S&P/Case-Shiller index fell 10.7 percent year-over-year in January and sank 2.4 percent compared to December 2007. The price index by OFHEO, an agency that regulates government-sponsored mortgage entities Fannie Mae and Freddie Mac, is based on single-family home-sale transactions that involve conforming, conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac. This index measures average price changes in repeat sales or refinancings on the same properties. Regionally, the OFHEO index plunged 9.4 percent in the Pacific region, 4.3 percent in the New England region, 4.2 percent in the East ...
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