Freddie Mac released last week its quarterly Conventional Mortgage Home Price Index (CMHPI) for the fourth quarter.

The classic series (which includes purchase and refinance transactions) recorded a 0.5% annualized decline in home values, improving from a revised negative1.5% annualized rate in the third quarter. The GSE said this was the first consecutive quarterly decline since 1982. Over the year, home values gained just 0.3% compared with 6.2% in 2006.

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