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.
