The Office of Federal Housing Enterprise Oversight (OFHEO) reported that home prices slipped a seasonally adjusted 0.3% in May. This is an improvement from April's 0.8% decline. Year over year, prices are down 4.8%.

Regions of the country recording the largest monthly declines were South Atlantic (-1.2%), West South Central (-1.0%) and New England (-0.8%). The Pacific region actually posted a slight gain of 0.3%, while the East North Central and Middle Atlantic states improved 0.1% each and the West North Central states were flat. 

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