The Office of Federal Housing Enterprise Oversight (OFHEO) reported a 1.7% decline in its seasonally-adjusted purchase only house price index in 1Q08 from 4Q07. 

Year-over-year, prices are down 3.1%, which is the largest decline in the purchase only index's 17-year history, according to the OFHEO press release. The broader all-transactions HPI reported just a 0.2% dip in the first quarter and a flat year-over-year. 

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