September 23, 2008 / 3:43 PM / 11 years ago

Home prices fell in July vs June: OFHEO

NEW YORK (Reuters) - Home prices fell 0.6 percent in July versus June, the Office of Federal Housing Enterprise Oversight said in Tuesday.

OFHEO’s monthly House Price Index, or HPI, is put out by the Federal Housing Finance Agency, the new regulator of mortgage finance companies Fannie Mae and Freddie Mac.

For the 12 months ending in July, U.S. home prices fell 5.3 percent, and the cumulative decline since the April 2007 peak is 5.8 percent, the report said.

The OFHEO index is calculated using purchase prices of houses financed with mortgages that have been sold to or guaranteed by Fannie Mae FNM.N or Freddie Mac FRE.N. The index was introduced in the fourth quarter of 2007.

The report is found on Web site

Reporting by Julie Haviv; Editing by Theodore d'Afflisio

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