by Calculated Risk on 2/26/2008 10:36:00 AM

From OFHEO: Widespread House Price Declines in Q4

U.S. home prices fell in the fourth quarter of 2007 according to OFHEO’s seasonally-adjusted purchase-only house price index. The index, which is based on data from home sales, was 1.3 percent lower on a seasonally-adjusted basis in the fourth quarter than in the third quarter of 2007. This decline was substantially greater than the 0.3 percent price decline between the second and third quarters. Over the past year, prices fell 0.3 percent, as the fourth quarter decline erased earlier price gains.
...
“The year 2007 showed the first four-quarter decline in the purchase-only index since its earliest data in 1991,” [OFHEO Director James B. Lockhart] added.

... prices declined 0.2 percent in December across the U.S., on average. This is the sixth consecutive monthly decline, bringing the total drop from the April 2007 peak to 2.4 percent.

OFHEO is finally showing significant price declines. More later ...