The Office of Federal Housing Enterprise Oversight (OFHEO) reported that home prices declined 1.3% (5.2% annualized) in its seasonally adjusted purchase-only 4Q07 House Price Index compared with a 0.3% (1.4% annualized) decline in the third quarter.

Year over year, OFHEO said prices were down 0.3% with earlier gains more than offset by the fourth-quarter drop. In the OFHEO's broader index that includes all transactions, there was a 0.1% increase in the fourth quarter from the third and a 0.8% gain year over year.

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