Home Prices Fall Nearly Five Percent From Year Ago

Washington, DC, July 22, 2008–U.S. home prices fell a record 4.8 percent in May from the same month last year, according to the Office of Federal Housing Enterprise Oversight.

The government report also said that prices, on a seasonally adjusted basis, fell 0.3 percent from April to May. The index is down almost 5 percent from its peak in April of last year.

OFHEO oversees the government-sponsored mortgage-finance companies Fannie Mae and Freddie Mac.

The government index is calculated using mortgage loans bought or guaranteed by Fannie or Freddie.