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Global home-price gains trump U.S.

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OFHEO: Home prices back to December 2005 levels U.S. home prices fell 0.8 percent on a seasonally adjusted basis from March to April, according to a monthly index compiled by the federal regulator that oversees the safety and soundness of Fannie Mae and Freddie Mac. For the 12 months ending in April, U.S. prices fell 4.6 percent, the Office of Federal Housing Enterprise Oversight (OFHEO) said. Because OFHEO's monthly house-price index peaked in April 2007, the year-over-year change also represents the decline from the peak. On a nationwide basis, home prices have returned to December 2005 levels, OFHEO said. OFHEO's index shows less severe price declines than some other indexes because it covers a broader geographic area and does not include mortgages that are too big or too risky for purchase or guarantee by Fannie and Freddie. In the nine U.S. Census Divisions, seasonally adjusted monthly price changes from March to April ranged from -2 percent in the Pacific Census D...