Home prices fall 3.1% in quarter

From Times Staff and Wires

U.S. house prices sank 3.1% in the first three months of 2008 from a year earlier, the second quarterly decline since June after 13 years of increases, according to a government report.

Prices for previously owned single-family homes fell in 43 states, with values in California and Nevada tumbling more than 8%, the Office of Federal Housing Enterprise Oversight said.

The number of mortgage originations is expected to drop 18% this year from 2007, according to the Mortgage Bankers Assn.

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