The rate of decline in U.S. home prices slowed during the second quarter, but the 4.8 percent year-over-year drop in a house-price index that relies on data from Fannie Mae and Freddie Mac was the largest in the index's 17-year history.The Office of Federal Housing Enterprise Oversight's national purchase-only house-price index showed prices falling a seasonally adjusted 1.4 percent during the second quarter, compared with 1.7 percent in the first quarter.Looking back a year, the purchase-only house-price index fell 4.8 percent. An OFHEO index that includes not only sales of homes, but valuations conducted when homeowners refinance their loans, showed prices down 1.7 percent from a year ago.With the price of other goods and services increasing by 5.3 percent over the last year, the purchase-only index shows national home prices falling approximately 10.1 percent in real terms, OFHEO said. The all-transactions index, which includes refinancings, showed a 7 percent decline in real terms....
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