Government index shows record 6.3 percent decline in home prices in January from a year ago
WASHINGTON (AP) -- A government report says U.S. home prices fell 6.3 percent in January from the same month last year.
The Federal Housing Finance Agency says prices, on a seasonally adjusted basis, rose 1.7 percent from December to January.
Changes in the geographic mix of sales explained the unexpected monthly increase. Home sales included in January's data were weighted toward areas that haven't borne as much of the brunt of the housing recession, the agency says.
The government index is calculated using mortgage loans bought or guaranteed by federally controlled mortgage-finance companies Fannie Mae and Freddie Mac. It is down 9.6 percent from its peak in April 2007.
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