U.S. home prices fell 1.8 percent on a seasonally adjusted basis from October to November -- a sharper decline than the 1.1 percent drop seen the month before -- according to the Federal Housing Finance Agency's monthly House Price Index. For the 12 months ending in November, the index of U.S. prices fell 8.7 percent, to 200.7, FHFA said. The index uses January 1991 as a baseline value of 100. The decline since the April 2007 peak is 10.5 percent, putting the index back roughly to where it was in March 2005. The FHFA monthly index is calculated using purchase prices of houses backing mortgages purchased or guaranteed by Fannie Mae and Freddie Mac. Because it excludes mortgages too large or too risky for Fannie and Freddie, it can understate price increases and declines. Prices...
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