The Office of Federal Housing Enterprise Oversight (OFHEO) reported home prices based on their seasonally-adjusted purchase-only index declined 1.36% in the second quarter (5.44% annualized) following a 1.68% decline (6.72% annualized) in the first quarter. 

Year-over-year, home prices fell 4.8% compared to negative 3.03% from 1Q07 through 1Q08. Earlier this morning, the S&P/Case-Shiller Index reported that from 2Q07 to 2Q08, home prices fell by 15.4%, only slightly wider than the 1Q07 to 1Q08 chang(negative 14.2%). OFHEO's all transaction House Price Index was down 1.4% for the quarter, and down 1.7% over the four-quarter period. 

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