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Home prices fall sharply in Feb: FHFA

Home prices fall sharply in Feb: FHFA (by Greg Robb)

WASHINGTON (MarketWatch) -- U.S. home prices fell 1.6% in February compared with January, and were down 5.7% compared with a year earlier, the Federal Housing Finance Agency reported Wednesday. Prices fell a revised 1% in January, much weaker than the initial estimate of a 0.3% drop. The FHFA purchase-only home-price index is down 18.6% from the peak in 2007. Prices fell in all regions in February, led by a 3.7% drop in the Mountain states from Montana down to New Mexico and a 2.6% decline in the East North Central, which stretched from Ohio to Wisconsin. Sales data is based on mortgages sold or guaranteed by Fannie Mae and Freddie Mac.