U.S. home prices fell 1.7% in the first quarter of 2008 from the fourth quarter of 2007, the largest quarterly price decline on record, according to the Office of Federal Housing Enterprise Oversight's seasonally adjusted purchase-only home price index. The index dropped 3.1% in the first quarter from the same period last year, also the largest dip in the Index's 17-year history.
Allowing for inflation, OFHEO says home prices dropped 7.7% over the latest year.
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