Home prices off 2.5 percent in quarter

May 25, 2011 at 12:14 PM

WASHINGTON, May 25 (UPI) -- A federal agency said Thursday U.S. home prices fell 2.5 percent in the first quarter, the largest quarterly drop since the fourth quarter of 2008.

The Federal Housing Finance Agency, which tracks prices for homes with mortgages backed by either the Federal National Mortgage Association or the Federal Home Loan Mortgage Corp., also said prices fell 5.5 percent from the first quarter of 2010 to the same three months of 2011.

For the quarter, prices fell in 43 states and the District of Columbia. Among the nine Census Divisions, prices fell farthest, down 4.3 percent, in the Mountain Division. Prices held up best in the West South Central Division, where the House Price Index declined 0.5 percent.

The report said the U.S. House Price Index fell 0.3 percent from February to March.

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