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Home Price Index Reports Largest Drop in History
May 23, 2008
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U.S. home prices posted their sharpest first-quarter decline since the U.S. government began tracking the data 17 years ago. The Office of Federal Housing Enterprise Oversight said that home prices fell 3.1% in the first quarter compared with last year. The index also fell 1.7% from the fourth quarter of 2007 to the first quarter of 2008, the largest quarterly price drop on record.Prices fell in 43 states, with California and Nevada showing the biggest declines. Home prices dropped by more than 8% in those states.

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