U.S. home prices fell a seasonally-adjusted 1.7% in Q1 2008 -- the largest quarterly price decline in the 17-year data history of the U.S. Government's Office of Federal Housing Enterprise Oversight, government officials announced Thursday. (pdf)
Prices for single-family homes declined in 43 states, with hard-hit states California, Florida, and Nevada recording drops of 10.6%, 10.3%, and 8.1%, respectively, OFHEO said.
Prices nationally declined 1.4% in Q4 2007. OFHEO's report does not list sales prices, only percentage changes.
On the bright side, Wyoming, Utah, Montana, and Texas recorded the highest gains, of 6.3%, 5.6%, 4.9%, and 4.7%, respectively.
U.S. housing market worsens
Economist David H. Wang told BloggingStocks Thursday the OFHEO data, while not as comprehensive as U.S. Commerce Department housing data, nevertheless does not bode well for home sellers.
Prices for single-family homes declined in 43 states, with hard-hit states California, Florida, and Nevada recording drops of 10.6%, 10.3%, and 8.1%, respectively, OFHEO said.
Prices nationally declined 1.4% in Q4 2007. OFHEO's report does not list sales prices, only percentage changes.
On the bright side, Wyoming, Utah, Montana, and Texas recorded the highest gains, of 6.3%, 5.6%, 4.9%, and 4.7%, respectively.
U.S. housing market worsens
Economist David H. Wang told BloggingStocks Thursday the OFHEO data, while not as comprehensive as U.S. Commerce Department housing data, nevertheless does not bode well for home sellers.
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