WASHINGTON — Home prices fell 5.6% in July from the same period last year, the Office of Federal Housing Enterprise Oversight announced today.
Prices fell .6% from June to July, representing the fifth consecutive monthly decline.
The largest monthly declines were in the Middle Atlantic, New England and Pacific regions which saw drops of 1.1%, 1.0% and 1.0%, respectively.
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The largest year-to-year changes in prices occurred in the Pacific, South Atlantic and Mountain regions, which saw declines of 17.7%, 5.2% and 4.7%, respectively.
Much of the current economic crisis has been driven by the collapse of the housing bubble and Bush administration officials have taken several steps to try to reverse this, including injecting more capital in mortgage buyers Fannie Mae and Freddie Mac so they in turn can purchase additional mortgages and thus give financial institutions more money to lend.
The $700 billion plan to purchase illiquid assets from financial institutions, including credit unions, is also designed in part to jumpstart the housing market, according to Federal Reserve Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson.
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