US home prices fall 1st time in 4 mos in June-FHFA

NEW YORK, Aug 25 (BestGrowthStock) – Prices of U.S. single-family
homes fell for the first time in four months in June, and by an
adjusted 1.7 percent from a year earlier, the Federal Housing
Finance Agency said on Wednesday.

The FHFA index, which is calculated using purchase prices
of homes financed with mortgages that have been sold to or
guaranteed by Fannie Mae (FMNA.OB: ) or Freddie Mac (FMCC.OB: ),
fell 0.3 percent in June after a downwardly revised 0.4 percent
May increase. The increase in May was previously reported at
0.5 percent.

The index fell by a seasonally adjusted 1.7 percent for the
12 months ending in June.

Home prices, however, gained on a quarter-over-quarter
basis.

The gauge in the second quarter rose 0.9 percent from the
first quarter, but dropped 1.6 percent from the second quarter
of 2009.

The U.S. index as of June is 12.6 percent below its April
2007 peak, the regulator said.

The drop in prices in June offset some of the price
increases in the prior months, FHFA said.
(Reporting by Julie Haviv; Editing by Padraic Cassidy)

US home prices fall 1st time in 4 mos in June-FHFA