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US home prices suffered the largest quarterly decline in record in the first quarter of 2008, according to the Office of Federal Housing Enterprise Oversight Purchase-Only Index.
The Index showed overnight that house prices declined 1.7 per cent, seasonally adjusted, during the first three months of the year. The price decline over the year now sits at 3.1 per cent.
The All-transactions index, which also takes into account valuations for refinancing, showed a quarterly fall of just 0.2 per cent.
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Published 23-05-08
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