OFHEO News Release - Continued Drop in Home Prices

In a news release this morning, the OFHEO (Office of Federal Housing Enterprise Oversight) stated that home prices fell nationally 0.8% on a seasonally adjusted basis. Eight of the nine census divisions tracked showed a fall in prices, with the Pacific division showing the worst drop of 2.0%, and a 15% drop over the previous year.

Only the West South Central division gained during the month (0.4%), as well as over the last year (1.9%). States included in that area are Oklahoma, Arkansas, Texas and Louisiana.