Freddie Mac last week released its quarterly home price survey for 1Q07. The GSE's data indicated that home values rose 0.4% for the quarter, or 1.7% on an annualized basis. This compares with a revised annualized growth of 5.4% for 4Q06. The agency noted that this was the slowest quarterly growth rate in more than 12 years.

The GSE also began reporting data for "new purchase-transactions" only, similar to the Office of Federal Housing Enterprise Oversight (Ofheo). This index showed home prices grew 1.3% in the first quarter on an annualized basis, and 2.8% year-over-year - the slowest rate of growth in 14 years.

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