OFHEO: US Home Prices Fall 0.3% From April To May

WASHINGTON (Dow Jones)–U.S. home prices fell 0.3% from April to May, the Office
of Federal Housing Enterprise Oversight said Tuesday.

Additionally, the government agency, which overseas mortgage finance giants
Fannie Mae (FNM) and Freddie Mac (FRE), said U.S. home prices fell 4.8% for the
12 months ending in May.

OFHEO’s monthly index is based on the purchase prices of houses backing mortgages
that have been purchased or guaranteed by Fannie Mae and Freddie Mac.

OFHEO said that the South Atlantic region - which includes Delaware, Maryland,
the District of Columbia, Virginia, West Virginia, North Carolina, South
Carolina, Georgia and Florida - saw prices fall 1.2% from April to May.

But the Pacific Division - which includes Hawaii, Alaska, Washington, Oregon and
California - saw a price increase of 0.3%, its first price jump since March 2007.

“It is very hard to draw conclusions from a one-month number, especially in these
uncertain times; but the numbers in the Pacific, East and West North Central
Divisions may be good signs,” OFHEO Director James B. Lockhart said in a
statement.

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